The Central Bank of the Philippines found that most banks expect lending standards to remain unchanged in the third quarter of 2026, including 75.5% for enterprise loans and 80.0% for household loans. Diffusion indexes nevertheless indicate a moderated net tightening bias, while 30.2% of respondents expect enterprise loan demand to increase.
The Hong Kong Securities and Futures Commission has restricted dealings in up to HKD 125.247 million of assets held at Futu by an entity suspected of involvement in an IPO demand manipulation scheme. Futu is not under investigation, and the restriction does not affect the firm or its other clients.
The Central Bank of Jordan (CBJ) held its key interest rate at 5.75% and left other policy rates unchanged, citing monetary stability, low inflation and sound economic performance. The CBJ said it would monitor regional uncertainty and act as needed to preserve monetary and financial stability.
The Austrian Financial Market Authority has issued consumer guidance on stablecoins and broader crypto-asset risks. It advises investors to verify regulatory status and stability claims, assess their ability to bear losses and treat promises of guaranteed profits or unusually high returns with particular caution.
The Bank of the Lao PDR welcomed Fazurin Jamaludin as the incoming head of the IMF’s representative office in Laos, succeeding Jochen Schmittmann. Cooperation will continue on technical assistance and the development of the country’s monetary, financial and banking systems.
The Reserve Bank of India revised small finance bank rules for rupee bulk deposit pricing and disclosure, effective October 1, 2026. Banks must publish bulk deposit rates by 10:10 a.m. each business day and apply rates uniformly, while retaining flexibility to differentiate bulk deposit rates based on Liquidity Coverage Ratio run-off rates.
The Reserve Bank of India will require regional rural banks to publish bulk deposit rates by 10:10 am on each business day and apply the rates disclosed in advance on their websites. From Oct. 1, 2026, deposit rates must also be uniform across branches and customers, without discrimination between comparable deposits accepted on the same date.
The Reserve Bank of India will require payments banks to pay deposit interest strictly according to the rate schedule disclosed in advance on their websites. The amendment takes effect on Oct. 1, 2026.
The Reserve Bank of India revised deposit rate rules for local area banks, effective Oct. 1, 2026. Banks must publish bulk deposit rates by 10:10 am each business day and apply uniform rates across branches and customers to comparable deposits.
The Reserve Bank of India has revised deposit rate requirements for urban co-operative banks from Oct. 1, 2026. Banks must publish bulk deposit rates by 10:10 a.m. each business day and apply disclosed rates uniformly across branches and customers.
South Korea's Financial Services Commission has proposed rules for pre-filing institutional demand assessments and advance IPO allocations to cornerstone investors. The framework sets eligibility, confidentiality, capital, staggered lockup and allocation-cap requirements, while prohibiting related-party agreements and linked benefits. The consultation closes Sept. 8 ahead of the revised Capital Markets Act taking effect Nov. 13, 2026.
The Reserve Bank of New Zealand confirmed Byron Pepper’s appointment as board deputy chair from July 20, 2026, through June 30, 2030. Pepper has served as a director since 2022 and will remain chair of the Financial Policy Committee.
The Australian Securities and Investments Commission will increase net tangible asset thresholds for specified fund operators to reflect inflation since June 2013 and introduce annual indexation. The changes will apply from July 1, 2027, including the first annual adjustment.
The Australian Prudential Regulation Authority published its December 2025 annual coverage survey, covering people with hospital insurance by age, gender and state of residence, with the next release due in July 2027.
The Federal Court has permanently disqualified former PW Kitt sole director Larry Dawson from managing corporations following action by the Australian Securities and Investments Commission. Dawson breached his duties by enabling a scheme that defrauded Australian investors of approximately AUD 7 million in superannuation funds.
The Australian Prudential Regulation Authority released its 2025 annual survey of hospital insurance coverage. The data provide a December 2025 snapshot by age, gender and state of residence.
The Australian Securities and Investments Commission found systemic failures in banks’ management of mortgage offset accounts, with more than AUD 55 million paid to over 250,000 affected customers. Weak records and controls hindered detection, remediation and customers’ ability to verify promised interest savings. ASIC expects sectorwide reviews and prompt compensation and may take further action.
Guangdong plans to issue CNY 2.5 billion of offshore renminbi local government bonds in Macao in early August, the Monetary Authority of Macao reported. The professional investor offering will have two-, three- and five-year maturities and include green, blue and Hengqin thematic bonds.
The National Bank of the Kyrgyz Republic suspended four exchange bureau licenses from July 30 through August 13, 2026, inclusive, for legal and regulatory violations.
The Reserve Bank of India removed the remuneration disclosure requirement for payments banks. The amendment takes effect on April 1, 2027.
The Reserve Bank of India removed Liquidity Coverage Ratio, Net Stable Funding Ratio and remuneration disclosure provisions from its financial statement rules for small finance banks. The amendments follow revised Basel Pillar 3 disclosure requirements and take effect on April 1, 2027.
South Korea's Financial Services Commission will hold Korea Fintech Week 2026 in Seoul from Nov. 25 to 27 with a record 35 programs and about 120 exhibition booths. The event will focus on emerging financial technologies, global policy trends, investment and business partnerships, with booth applications open through Aug. 31.
South Korea’s Financial Services Commission and Overseas Koreans Agency have launched electronic consular-certified financial powers of attorney at seven institutions. The service replaces international mailing with real-time transmission and blockchain-based verification, allowing domestic representatives to transact without original paper documents. Three more banks are scheduled to join in the second half of 2026.
The Bank of Korea reported that overall business sentiment rose 0.8 points to 98.5 in July 2026, led by a 2-point increase in manufacturing sentiment to 103.2. The broader Economic Sentiment Index gained 1.1 points to 97.9, while non-manufacturing sentiment edged down to 95.2.
The South Korea Financial Supervisory Service reported that first-half 2026 ABS issuance increased 26.5% to KRW26.6 trillion, led by a 123.1% rise in Korea Housing Finance Corporation mortgage-backed securities. Issuance backed by loans and accounts receivable grew, while real estate project finance ABS and primary collateralized bond obligations declined. The outstanding ABS balance reached KRW246.5 trillion at end-June.
U.S. Senate Banking Committee Ranking Member Elizabeth Warren requested information on reported export license delays, reduced Entity List updates and gaps in export control rules. She asked Commerce Department officials to provide details on staffing, licensing and Entity List administration by Aug. 12, 2026.
The committee’s minority staff argued that the latest Clarity Act draft would not restrict Donald Trump’s existing crypto ventures and could allow new ventures to avoid its ethics provision.
The Australian Securities and Investments Commission has simplified the technical settings for enhanced beneficial ownership and substantial holding disclosures applying from Dec. 4, 2026. Changes include a consolidated Substantial Holding Notice, simpler economic-interest calculations and an index-based register format, with transitional form options available before June 4, 2027.
The Reserve Bank of India has revised compensation and remuneration disclosure requirements for payments banks, effective April 1, 2027. The amendments cover the treatment, valuation and disclosure of share-linked instruments and annual remuneration disclosures for senior executives and material risk takers.
The Reserve Bank of India revised references governing small finance banks’ Liquidity Coverage Ratio and Net Stable Funding Ratio disclosures to align them with the capital adequacy framework and Basel Pillar 3 requirements. The amendments take effect on April 1, 2027.
The Reserve Bank of India aligned small finance bank disclosures on share-linked compensation and senior employee remuneration with Basel Pillar 3 requirements. The amendments, including valuation and annual disclosure requirements, take effect April 1, 2027.
The Central Bank of Cuba reported a new framework that removes 46 of 125 prohibited nonstate activities and eases conditions for another 35. It opens regulated pharmaceutical services, older-person care, wholesale trade and selected transport activities to broader private participation. Medical care remains state-reserved, while self-employed workers are still prohibited from wholesale trade.
The Eastern Caribbean Central Bank is seeking a St Kitts and Nevis-based engineering consultancy to oversee four campus buildings under a 35-hour monthly retainer. The firm will also conduct a forensic facility assessment and prepare a three-year capital budget, with proposals due by Aug. 14, 2026.
The Central Bank of Costa Rica published its July 2026 economic conditions report, assessing key domestic and international indicators.
The Superintendency of Banks of Panama has requested a USD 1,258,995 supplemental budget allocation for operational and technology needs. The amount would be funded entirely from its current revenue surplus, with most spending directed to facilities and technology upgrades and the remainder to leases and data transmission services.
The Turks and Caicos Islands Financial Services Commission and the Saint Vincent and the Grenadines Financial Services Authority are exploring a memorandum of understanding covering information exchange, technical assistance and regulatory support. Their discussions focused on virtual assets, fintech, AML/CFT supervision and other emerging financial services activities.
The Moroccan Capital Markets Authority registered Wafabail’s 2025 reference document as the annual update to its finance company bills program dossier. The dossier also includes the program note registered in December 2020.
The Central Bank of The Bahamas has completed an initial technical study for a SandDollar-enabled fast payment system. The proposed infrastructure would process person-to-person, business and government payments within seconds on a 24/7 basis.
Qatar Central Bank maintained its deposit, lending and repo rates at 3.85%, 4.35% and 4.10%, respectively, in July following a monetary policy assessment.
The Central Bank of the UAE maintained the Overnight Deposit Facility Base Rate at 3.65% and kept short-term liquidity borrowing rates at 50 basis points above it, following the U.S. Federal Reserve’s decision to leave the Interest Rate on Reserve Balances unchanged.
The Saudi Ministry of Finance welcomed an IMF assessment that found the economy resilient to regional tensions, with GDP growth of 4.6% in 2025 and low overall sovereign risks. The IMF cited ample financial buffers, sustainable public debt and a well-capitalized banking sector, where nonperforming loans fell to a decade-low 1%.
The Central Bank of Bahrain kept its overnight deposit interest rate unchanged at 4.25% on 29 July 2026 following a review aimed at maintaining monetary and financial stability in the Kingdom of Bahrain amid global financial market developments. The rate has remained at 4.25% since January 2026 after three 25 basis point cuts in September, October and December 2025 from 5.00% in July 2025.
The Securities Commission of The Bahamas published the country’s first dedicated assessment of legal persons and arrangements, rating money laundering vulnerability generally medium and terrorist financing risk medium-low. Beneficial ownership compliance reached 98% in 2025, while four criminal matters involving about BSD 4.1 million in suspected proceeds were identified during 2021 to 2025. The report calls for continued risk-based supervision and enhanced scrutiny of complex and cross-border structures.
The Securities Commission of The Bahamas has published an entity-level assessment of money laundering and terrorist financing risks across legal persons and arrangements. Complex and cross-border structures carry elevated inherent money laundering risk, but regulatory oversight, professional gatekeeping and beneficial ownership compliance of about 98% reduce residual risk. No terrorist financing cases were identified.
The Central Bank of The Bahamas found financial stability risks remained well contained in 2025 and in the outlook for 2026, supported by strong capital and liquidity buffers. Bank stress tests kept capital ratios above the 17% regulatory minimum under simulated shocks, while contagion risks remained low. Regulators will deepen analysis of interconnectedness, climate and cybersecurity risks, and improve data coverage.
The National Bank of Moldova estimated that its switch to the euro as the leu’s reference currency helped reduce clients’ implicit foreign exchange costs by a net EUR 21.8 million from January 2025 through June 2026. Rebalancing reserves toward euros also generated an estimated EUR 50.6 million positive ex-post valuation difference, although this counterfactual figure varies with the EUR/USD rate. The change did not peg the leu to the euro or alter Moldova’s exchange rate regime.
The Federal Open Market Committee held the federal funds rate target range at 3.5% to 3.75%, citing solid economic growth and inflation remaining above the Federal Reserve’s 2% goal. The decision passed 9-3, with three members preferring a 25-basis-point increase amid elevated uncertainty and supply-driven price pressures.
The Croatian Financial Services Supervisory Agency ordered FIMA PLUS to stop unauthorized cryptoasset order execution and custody services, return client assets and notify clients. The board also approved fund and insurance distribution authorizations, governance appointments, reporting instructions and guidance on sharing insurance policy and claims data with authorized brokers.
The Croatian Financial Services Supervisory Agency ordered Fima Plus to immediately stop providing unauthorized crypto-asset order execution and custody services. The company must return client assets and notify clients of the measures and return arrangements.
The Central Bank of Türkiye signed an agreement allowing the Central Bank of Syria to hold a Turkish lira deposit account with it.
U.S. Senators Elizabeth Warren and Adam Schiff urged the SEC to investigate whether Trump Media’s planned priority feed for market-moving Truth Social posts would violate federal securities laws. The service would reportedly cost USD 60,000 to USD 100,000 a month, and the senators requested answers before its planned Aug. 1 launch.
The Canadian Securities Administrators and the Canadian Investment Regulatory Organization have issued guidance on marketing and selling foreign-listed ETFs to Canadian investors. It clarifies applicable prospectus, registration, product knowledge, client knowledge and suitability obligations, while encouraging better pre-purchase disclosure by order execution-only dealers.
The Central Bank of Uruguay opened its 2026 Annual Economics Conference and Winter School, with President Guillermo Tolosa emphasizing policy stability and predictability amid global uncertainty. Upcoming sessions include an address on evidence-based financial decisions and a discussion with International Monetary Fund Managing Director Kristalina Georgieva.
The International Sustainability Standards Board has proposed taxonomy updates reflecting the December 2025 amendments to greenhouse gas emissions disclosures under IFRS S2. The proposal introduces no new requirements and is intended to support digital analysis and comparison of sustainability information. Comments are due by Sept. 28, 2026.
The National Bank of Ukraine’s survey found that bank deposits and wholesale funding increased in the second quarter of 2026, with respondents expecting further growth in the third quarter. Funding costs are also expected to rise, driven by higher rates on business deposits, while macroeconomic conditions and higher bank income tax are expected to constrain capital growth.
The Brazilian Securities and Exchange Commission reported 969 proceedings with potential sanctions in progress at the end of the first quarter of 2026, with 19 proceedings resulting in charges. It issued 37 warning letters and eight stop orders, approved BRL 5.45 million in settlements and made 20 criminal referrals to prosecutors.
The Brazil Securities Commission named four winners of its 19th Investor Education Press Award across national, regional, digital and magazine categories. Each will receive BRL 5,000 at an Aug. 24 ceremony.
From August 10, the Argentina Securities Commission will use the Remote Procedures System for information and document requests related to AML, CFT and proliferation financing investigations and supervision. Obligated capital markets entities and other commission registrants must respond exclusively through the platform and, when required, establish a special electronic address for valid communications.
The Isle of Man Financial Services Authority has outlined plans for an Authorised Push Payment fraud framework and the next stages of its legislative reform programme. Its July bulletin also covers supervisory and sector policy priorities, MONEYVAL readiness and sanctions risk awareness.
The National Bank of Ukraine’s second-quarter survey found that banks expect further growth in business and household lending, although expectations were the weakest since the second quarter of 2023. Banks plan further easing for SME and household loans but anticipate higher credit and foreign exchange risks.
The National Securities and Stock Market Commission of Ukraine approved rules on investment recommendations, share buybacks and stabilization programs, and admitted securities from several major foreign issuers to trading. It also flagged three questionable investment projects and addressed assets linked to sanctioned Freedom Finance Ukraine.
A Central Bank of Iceland working paper finds that the key interest rate was generally too low from 2006 to 2025. Policy was too loose before the financial crisis and during the post-pandemic inflation surge, but too tight after the financial crisis and insufficiently accommodative in late 2019 and early 2020. Recent policy was assessed as broadly optimal.
The Isle of Man Treasury has excluded computers and computer equipment from the VAT Capital Goods Scheme and raised the threshold for land, buildings and civil engineering works to GBP 600,000, excluding VAT. The changes apply to expenditure incurred from July 29, 2026, while existing scheme assets remain under the previous rules.
The Portuguese Insurance and Pension Funds Supervisory Authority published an overview of 2025 complaints received by the authority, insurers and pension fund management companies.
The Bank of Mozambique’s Monetary Policy Committee kept the MIMO rate at 9.25%, citing reduced excess local-currency liquidity after the May reserve-requirement increase, while warning that inflation risks remain elevated due to uncertainty over the Middle East conflict, logistics, goods supply and international fuel-price volatility. It said inflation rose to 7.5% in June 2026 from 7.2% in May and is expected to increase in the short term before returning to single digits over the medium term, while first-quarter 2026 gross domestic product growth excluding liquefied natural gas slowed to 1.1% from 4.8% in the previous quarter.
The Superintendency of Banks of the Dominican Republic unveiled a plaque recognizing its headquarters as part of the country’s modern architectural heritage. Completed renovations preserved the building’s design while strengthening structural safety, accessibility and essential systems.
Payments Canada hosted a banking industry discussion on unified fraud controls, risk intelligence and collaboration at account opening, alongside emerging risks involving stablecoins and open banking.
South Korea’s Ministry of Economy and Finance and other financial authorities will maintain 24-hour monitoring and tighten controls on single-stock leveraged products following sharp equity market declines. Planned measures include investor limits, higher costs for excessive trading, simulated trading and emergency powers to adjust leverage, while a KRW 30 million cash-only minimum deposit takes effect July 31.
The National Bank of the Kyrgyz Republic is consulting on amendments to internal capital adequacy assessment procedures for commercial banks operating abroad. Comments are due by Aug. 13, 2026.
Kazakhstan’s financial regulator approved Stanislav Vladimirovich Levin as a management board member and managing director of ForteBank JSC.
The Central Reserve Bank of El Salvador reported continued financial system growth and adequate liquidity and solvency in the first half of 2026. Credit reached USD 21.80 billion, up 8.5% year over year, while the delinquency ratio remained at 1.6% and reserve coverage stood at about 141%.
Argentina's Superintendency of Insurance will allow insurers to use internal models to calculate incurred but not reported claims reserves from financial statements closing on June 30, 2026. Insurers must meet technical and actuarial requirements and demonstrate reserve adequacy every six months through a sufficiency test and an external actuary's report.
Mexico’s Ministry of Finance and Public Credit rated 46 of 49 banks satisfactory in its 2025 performance assessment. The exercise evaluates their contribution to economic development and banking practices, not their financial condition, liquidity or solvency.
The Hong Kong Monetary Authority warned the public about fraudulent bank websites, login screens, phishing emails and other scams. Customers who disclosed information or conducted transactions through such scams should contact their bank and the Hong Kong Police Force.
The Hong Kong Monetary Authority flagged fraudulent websites impersonating Hong Kong Interbank Clearing Limited and targeting Faster Payment System users. The sites seek identity and bank account details and direct users to fake customer service personnel.
The North Macedonia Insurance Supervision Authority set criteria for selecting actuarial educators and formed the professional examination commission for 2026-2028. It also reviewed first-half activities and several firm-specific supervisory and governance matters.
The National Bank of Georgia and the Georgian Fintech Association discussed regulatory challenges and closer cooperation with the banking sector. The talks highlighted the growth of payment and virtual asset service providers and the need to support innovation while protecting consumers.
Turkmen authorities and the EBRD signed five cooperation memorandums, including a framework for the bank’s 2027 to 2032 strategic priorities in the country. The agreements cover banking-sector development, export diversification, sustainable energy, water use, transport corridors and Ashgabat’s participation in the EBRD Green Cities program.
The Bank of the Lao PDR reviewed its first-half performance and approved its work plan for the remainder of 2026. Priorities include meeting national monetary targets, maintaining monetary stability, strengthening financial institutions and modernizing payment systems.
The National Bank of the Kyrgyz Republic fined two individuals KGS 17,500 each for conducting unlicensed cash foreign currency exchange operations.
The National Bank of the Kyrgyz Republic is consulting on regulatory amendments concerning Islamic financing principles, with responses due by Aug. 13, 2026.
Egypt’s Financial Regulatory Authority has permitted multiple mortgage finance companies to jointly fund customers purchasing high-value properties. Each lender must independently meet solvency, concentration, loan-to-value and borrower affordability requirements and use the authority’s prescribed contracts.
The Seychelles Financial Services Authority has identified Hit Tech Solutions Development Ltd. as another alleged operator of HitBTC and warned that neither the company nor the platform has ever been authorized in Seychelles. The company was dissolved in May 2023, and it and the other entities linked to HitBTC have no current legal or operational connection to the country.
The Isle of Man Financial Services Authority has published a webinar clarifying the introduced business requirements under the AML/CFT Code 2019. It uses practical scenarios to address customer due diligence, introducers and eligible introducers, technology, Trust and Corporate Service Providers, and retrospective customer reviews.
The UAE Ministry of Economy and Tourism’s Economic Integration Committee reviewed an integrated framework for transparent monitoring of essential commodity prices and called for continued action to protect supply chains and market stability. It also considered company governance, the anti-money laundering and counterterrorist financing framework, and regulation of financial leasing providers outside central bank supervision.
The Bank of Italy has published a model-based analysis of household allocation across central bank digital currencies, stablecoins and bank deposits. It finds that trusted and convenient CBDCs can improve welfare without remuneration, while weakly backed stablecoins create systemic risks. Upgraded deposit infrastructure can preserve bank intermediation and monetary policy transmission.
The Prudential Regulation Authority is consulting on removing Lloyd’s syndicates from internal model output reporting from the 2026 year-end and updating liquidity rules from Jan. 1, 2027. The liquidity proposals address firms’ responsibility for assessing non-UK covered bond regimes and align the rulebook with the Overseas Prudential Requirements Regime, Basel 3.1 and restated Capital Requirements Regulation provisions. Comments are due by Sept. 11, 2026.
The UK Prudential Regulation Authority finalized low-impact amendments on prudential consolidation, countercyclical capital buffers, systemically important institutions and Solvency II technical information. It also corrected Basel 3.1 credit risk and operational reporting rules without changing policy. The measures take effect in stages from July 29, 2026, to March 18, 2027.
The UK Prudential Regulation Authority finalized Solvency UK reporting, disclosure and own funds changes for reporting reference dates on or after Dec. 31, 2026. The policy moves matching adjustment reporting to XBRL, reduces third-country branches’ projected FSCS reporting to one year and removes the permission requirement for classifying equity-accounted subordinated liabilities into own funds tiers. The related rule and taxonomy changes will be implemented together.
The European Central Bank’s updated wage tracker indicates negotiated wage growth of 2.3% in 2026 and 2.7% in the first quarter of 2027, broadly maintaining its previous assessment. The forward-looking horizon now extends to March 2027 and is due to reach the second quarter of 2027 in September, although the figures remain subject to revision and are not a forecast.
A European Central Bank working paper introduces SPOT, an AI-based indicator that measures the probability and severity of potential financial stability triggers using financial news. The indicator rose around major historical stress events and improved euro area growth-at-risk model fit by more than 6% at the one-quarter horizon and 10% at the one-year horizon.
A European Central Bank blog analysis attributes the euro area’s 2026 inflation increase mainly to an energy-related supply shock rather than stronger demand. Headline inflation rose from 1.9% to 2.8% between February and June, while demand pressures remained broadly stable. The analysis calls for monitoring whether the shock spreads to wages, expectations or wider demand.
A European Central Bank working paper develops a copula-based threshold VAR that corrects for contemporaneous dependence between regime indicators and shocks. Simulations show lower bias in thresholds, covariance estimates and impulse responses. In a U.S. application, monetary tightening produces faster disinflation and a lower sacrifice ratio when inflation is above an estimated threshold of about 3.5%.
The Insurance Regulatory and Development Authority of India approved reforms covering insurer investment, capital, restructuring, policyholder protection, intermediary oversight and enforcement. It also registered ProTec General Insurance, the fourth insurer approved in 2026. Two insurers have raised foreign ownership above the former 74% cap under the new 100% limit.
Germany’s Federal Financial Supervisory Authority has gained powers to supervise AI systems directly linked to regulated financial activities and may fine firms for violations. Its remit covers transparency obligations, prohibited practices and high-risk uses such as creditworthiness and insurance risk assessments. Initial transparency requirements take effect on August 2, 2026, with high-risk system requirements following on December 2, 2027.
The Vietnam State Securities Commission reported that nearly 300 party committee members and party members participated in a nationwide conference on implementing Party Central Committee decisions. The update does not introduce new securities regulatory measures.
The Central Bank of Russia has proposed requirements for using cryptocurrencies and digital rights as margin collateral and executing short sales. The draft would extend brokers’ risk coverage calculations to these assets, while cryptocurrency transactions by non-qualified investors would be subject to central bank limits.
The People's Bank of China and eight agencies have issued a technology finance data framework and a national directory covering 26 indicators in eight categories. The measures promote secure data sharing and infrastructure links, while encouraging financial institutions to use the data for credit profiling, risk models, tailored products and supply-chain analysis.
Ukraine’s National Securities and Stock Market Commission has launched an educational series explaining that licensing is only the start of a firm’s regulatory responsibilities. Licensed firms remain subject to reporting and risk-based supervision, with suspension or revocation reserved for serious or repeated violations.
The Central Bank of Türkiye has launched an e-Government Gateway service for individuals to identify the payment and electronic money institutions where they hold accounts. Heirs may also use the service on behalf of deceased persons.