Electronic payments comprised 79% of total retail payments in 2024, up from 70% in 2023, aligning with the Financial Sector Development Program’s goals. Non-cash transactions rose to 12.6 billion in 2024 from 10.8 billion in 2023, driven by SAMA's initiatives under Saudi Vision 2030. SAMA plans to enhance national payment systems infrastructure and digital payment solutions with partners.
The Central Bank of Montenegro’s Council approved the 2024 financial statements, allocating EUR 4.9 million of net profit to the state budget and the remainder to reserves. The Council endorsed a draft law to amend the Bank Bankruptcy and Liquidation Law for EU alignment and reviewed a report showing 99.94% payment system availability. It also adopted various operational and progress reports, including those on bankruptcy proceedings for Atlas banka AD Podgorica and Invest banka Montenegro AD Podgorica.
Mexico’s National Banking and Securities Commission (CNBV) reported the multiple banking sector's capital adequacy indicators as of February 2025. The Capitalization Index (ICAP) was 19.93%, with a Basic Capital Ratio (CCB) of 17.87% and a Core Capital Ratio (CCF) of 16.42%.
The Bank of Greece's Bank Lending Survey for Q1 2025 indicates stable credit standards for non-financial corporations (NFCs) and households, with eased corporate loan terms due to improved liquidity and competitive pressures. Housing loan terms tightened due to increased charges, while demand for housing loans rose, partly due to the "MY HOME II" state programme. Corporate loan demand remained stable, with expectations of increased demand from large corporations in Q2 2025.
The Hong Kong Mandatory Provident Fund Schemes Authority has opened applications for the Good MPF Employer Award 2024-25, recognizing employers that comply with MPF requirements and offer additional retirement protection. Awards include "Good MPF Employer 5 Years," "Good MPF Employer 10 Years," and "Best All-round MPF Employer," with criteria such as offering multiple MPF schemes and providing voluntary contributions. Last year, 2,298 companies received the award, including over 300 first-time participants.
The European Securities and Markets Authority (ESMA) has released draft Regulatory Technical Standards and a final report on Guidelines on Liquidity Management Tools, establishing a harmonised EU framework for fund managers. This initiative aims to enhance liquidity management, particularly during market stress, and aligns with the revised Alternative Investment Fund Managers Directive and the UCITS Directive. The draft standards, submitted to the European Commission, clarify the use of liquidity tools across Member States and address financial stability risks linked to non-bank financial intermediation.
The Ukraine National Commission on Securities and Stock Market updated its prudential framework, easing treatment of small monthly deviations and expanding recognition of liquid financial instruments for ratio calculations. It streamlined the administrative process for remediation plans, approved technical amendments for trade repository authorisation, addressed approvals like share issue registrations and a draft resolution on critical infrastructure, and established a Coordination Council for pension reform.
The Ukraine National Commission on Securities and Stock Market met with the American Chamber of Commerce in Ukraine to enhance communication with market participants and discuss stock market development priorities. Chairman Ruslan Magomedov emphasized understanding market needs and ongoing discussions on funding tools and digitalization. The Commission plans to continue stakeholder meetings and anticipates virtual asset market growth following new legislation.
Electronic payments made up 79% of total retail payments in 2024, up from 70% in 2023, as part of the Financial Sector Development Program, according to the Saudi Arabian Monetary Authority (SAMA). This rise is due to SAMA-led initiatives to broaden payment options, aligning with Saudi Vision 2030's goal to reduce cash reliance. SAMA plans to further expand digital payments by enhancing national payment systems infrastructure with partners.
De Nederlandsche Bank published research indicating 67% consumer openness to a digital euro, with high willingness to use it even offline. The survey revealed preferences for storage methods and highlighted that uncertainty in debit-card availability increased cash and digital euro holdings. The findings align with ongoing European discussions on digital euro legislation and technical development, with no decisions yet on holding limits.
The Dutch Authority for the Financial Markets (AFM) released a market view on insurers' closed-book life insurance portfolios, emphasizing maintaining customer interests during consolidation. The review, covering about 8 million policies, identified areas for improvement and noted increased complaint risks post-mergers and acquisitions. The AFM will continue monitoring using a data-driven approach, combining quantitative and qualitative assessments.
The Dominica Financial Services Unit has revoked the Money Services Business licence of Financial Services Inc.-Fast Cash, an MSB Class E (Pay day Advance), effective 3 January 2025 under Section 33 of Dominica’s Money Services Business Act (2017 Revised Laws). The firm is no longer authorised to operate as a money services business or conduct related financial transactions, including micro financing, with the revocation also published in the Gazette dated 20 March 2025.
The Dominica Financial Services Unit has revoked The National Cooperative Credit Union Limited’s licence to operate as an agent for JN Money Services Limited, a Money Services Business Class A (money transmission), effective 3 January 2025. NCCU is no longer authorised to operate as a money services business or provide related financial transactions such as remittance services under that agency arrangement, with the action taken under section 33 of the Money Services Business Act and published in the Gazette of 20 March 2025.
The Central Bank of Venezuela has appointed Laura Carolina Guerra Angulo as its new president and confirmed a new board of directors, as per a decree in the Extraordinary Official Gazette. Guerra previously led the Social Protection Fund for Bank Deposits and the National Development Fund. The new board includes Economy and Finance Minister Anabel Pereira Fernández and five other directors.
The Central Bank of West African States (BCEAO) has been designated by the Council of Ministers of the West African Monetary Union as the Union’s macroprudential authority. This role involves preventing crises and mitigating systemic risks, with responsibilities including cross-cutting monitoring of financial vulnerabilities and coordinating crisis responses.
The Central Bank of West African States announced a new financial inclusion strategy for the West African Economic and Monetary Union, targeting 90% adult usage of financial services by 2030. This 2025–2030 strategy, replacing the 2016 framework, focuses on expanding access to savings, credit, and insurance, particularly for underserved groups. It is structured around five pillars: legal framework enhancement, microfinance sector strengthening, financial innovation, education, and data utilization.
The Securities and Exchange Commission of Pakistan has amended the Non-Banking Finance Companies and Notified Entities Regulations, 2008, revising the Total Expense Regime for mutual and pension funds and enhancing Shariah compliance for collective investment schemes. Changes include replacing the Total Expense Ratio cap with management fee caps by July 1, 2025, and requiring detailed expense disclosures. Shariah Compliance Certificate requirements are relaxed for similar schemes, with mandatory certificates for non-compliant schemes by September 30, 2025, and an Annual Shariah Advisor’s Report introduced.
The Securities and Exchange Commission of Pakistan proposes amendments to the Companies Regulations, 2024, to create a centralized ultimate beneficial ownership registry. This aims to enhance financial transparency and align Pakistan's anti-money laundering and counter-terrorist financing framework with international standards. Companies must submit UBO information via the eZfile portal, accessible to financial institutions.
The National Bank of Georgia released an interactive press release detailing money transfer statistics for March 2025, accessible on its website's statistics section.
Algeria Market Authority President Youcef Bouzenada took part in the Algerian-Chinese investment business forum in Algiers. The event was organized by the Algerian Investment Promotion Agency and focused on sustainable economic cooperation.
The Bank of Italy published seven papers in its Questioni di Economia e Finanza series, addressing productivity trends, migration policy, systemic and market risk in the financial sector, demographic influences on consumption, and the Italian venture capital market. The studies analyze post-pandemic productivity in the U.S. and euro area, migration flows in Europe, systemic risk exposure of Italian financial institutions, and market risk in securities portfolios.
The Bank of Italy released the text of a hearing where Andrea Brandolini, Deputy Head of its Economics and Statistics Department, addressed the Italian Chamber of Deputies' inquiry commission on the economic and social impacts of the demographic transition.
The Bank of Italy has appointed four members to the Arbitration and Conciliation Board (ABF) for the Bari, Bologna, Rome, and Turin panels. These appointments follow nominations from Confindustria in agreement with Confcommercio, Confagricoltura, and Confartigianato.
Governor Anita Angelovska-Bezhoska of the National Bank of the Republic of North Macedonia highlighted the link between financial literacy and reduced income inequality. She discussed the central bank's initiatives, including a national Strategy for Financial Literacy and Financial Inclusion, and outreach efforts for diverse groups. Angelovska-Bezhoska cited research linking global income inequality to financial literacy disparities and noted the country's financial literacy score aligns regionally but lags behind the EU.
The People's Bank of China and regulatory bodies launched a trial system to standardize data collection in technology, green, inclusive, pension, and digital finance. The framework sets unified requirements for statistical coverage, definitions, and data management across banking, securities, insurance, and financial market infrastructure. It introduces over 200 indicators aligned with national standards, with the People's Bank of China coordinating data aggregation and report compilation.
Andrea Brandolini, Deputy Director General of the Bank of Italy, addressed the Parliamentary Committee of Inquiry on the economic and social effects of the current demographic transition during a Chamber of Deputies hearing.
The Bank of Italy appointed four members to the Arbitration Board of Financial Banking (ABF) Collegi in Bari, Bologna, Rome, and Turin. The appointments followed nominations by Confindustria, in agreement with Confcommercio, Confagricoltura, and Confartigianato.
The Bank of Italy released seven Occasional Papers examining topics such as post-pandemic productivity in the U.S. and euro area, systemic risk comparisons between Italian insurers and banks, and the Italian venture capital market. Other papers address migration flows in Europe, market risk of securities held by Italian financial institutions, and the impact of demographic structures on household consumption.
The National Credit Union Administration, with the FDIC, Federal Reserve Board, and Office of the Comptroller of the Currency, has temporarily suspended certain appraisal requirements for real estate transactions in Los Angeles County to aid recovery from wildfires and wind damage. This allows transactions without appraisals if the real estate value supports it. The suspension is effective until January 8, 2028, with ongoing monitoring for safe lending practices.
The European Banking Authority's report highlights a significant gender pay gap and stable remuneration practices from 2021 to 2023. Investment firms show higher, less stable variable-to-fixed remuneration ratios, with a notable gender pay gap due to women's underrepresentation in higher-paid roles. The EBA urges further analysis of these disparities and is revising its governance guidelines to enhance gender monitoring.
The Bermuda Monetary Authority released a discussion paper proposing a new Payment Services Act to replace the Money Service Business Act 2016, aiming for a risk-based regulatory framework aligned with international standards. The proposals include licensing requirements for Digital Wallet Providers, Payment-Handling Providers, and Payment Technology Providers, with a tiered licensing structure. Exclusions and exemptions are outlined for certain financial institutions and activities, with feedback requested by 15 May 2025.
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) issued a regulatory standard for updating sums insured for housing-related risks in Q3 2025, using specified indices. The Building Index (IE) is set at 561.38, the Home Contents Index (IRH) at 340.30, and the Combined Index (IRHE) at 472.95, with noted quarterly and annual increases. The draft standard underwent public consultation without receiving comments.
The Bank of Finland released its 2024 Data Balance Sheet, detailing data and technology initiatives alongside its Annual Report. The publication, available in Finnish and English, covers data production, information management, security, and strategic projects like AI integration and cloud migration. New features include popular content selections and an overview of training and events to enhance information management skills.
The Banking Agency of the Federation of Bosnia and Herzegovina released data on the banking system entities as of 31 December 2024, including tables and charts.
The Hong Kong Securities and Futures Commission announced that the District Court has set 14 September 2026 for the trial of four individuals accused of participating in a ramp-and-dump syndicate. The defendants pleaded not guilty to conspiracy to defraud in securities transactions under relevant ordinances. Bail was granted with conditions including travel restrictions and cash bail amounts.
The Hong Kong Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited co-organised the inaugural International Carbon Markets Summit in Hong Kong, focusing on scaling global voluntary carbon markets. Attended by over 200 participants, the event addressed challenges in market scaling, cross-border transactions, and technology's role in market linkages. Discussions emphasized harmonizing international standards for credit issuance and secondary trading to enhance market integrity and growth.
The Austrian National Bank (OeNB) reported a rebound in household demand for housing loans and a continued decline in corporate credit demand in the first quarter of 2025, driven by falling interest rates and increased household incomes. Mortgage demand is expected to rise further in the second quarter, while corporate loan demand may see a slight uptick. The survey highlights the impact of European Central Bank policy rate cuts from 4% to 2.5% on borrowing costs.
The Board of Directors of the Costa Rican Social Security Fund has established a technical team to develop reform proposals for the Invalidity, Old Age and Death pension regime. The team, comprising government, employer, and worker representatives, will meet monthly from April to October 2025. Labour-sector organisations are coordinating member appointments, and strategic actions are to be presented by 15 May 2025.
The Australian Prudential Regulation Authority released its Life Insurance Claims and Disputes Statistics for the period from 1 January 2024 to 31 December 2024, detailing outcomes for 16 Australian life insurers. This data is integrated into the Australian Securities and Investments Commission's MoneySmart tool, which evaluates insurers using metrics such as claims acceptance rates, payment times, disputes, and policy cancellations.
The Agency for Regulation and Development of the Financial Market of Kazakhstan, with the National Bank, is drafting a new banking law to modernize the framework. Key proposals include a basic banking license with asset size limits, enhanced consumer protection, and a three-stage regime for distressed banks. The draft also supports Islamic banking, expands macroprudential tools, and establishes a foundation for national digital financial infrastructure.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has approved Elena Salimovna Ibraeva as chief accountant in the banking sector under Protocol No. 26/БВУ/П.
The Cyprus Securities and Exchange Commission announced that Feldmans Management (Overseas) Ltd has waived its authorization to provide administrative services as of 3 March 2025. Consequently, its CySEC authorization (No. 58/196) has lapsed, and the company has been permanently removed from the licensed persons’ register.
The Cyprus Securities and Exchange Commission released its quarterly statistics bulletin for Q4 2024, highlighting a 10.21% increase in assets under management (AUM) to EUR 10.1 billion, driven by new capital. The report details the composition of the 321 supervised entities and the distribution of AUM across various management companies and investment types, with significant investments in transferable securities and private equity.
The Cyprus Securities and Exchange Commission (CySEC) announced that Cayros Capital Investment Management Limited has initiated the dissolution and liquidation of BLOM INVESTMENTS RAIF L.P., a Registered Alternative Investment Fund. The fund will remain on the RAIFs Registry marked "under liquidation" until the process is completed and confirmed by CySEC.
The Cyprus Securities and Exchange Commission (CySEC) warned that eight websites are not linked to any authorised investment service providers under Article 5 of Law 87(I)/2017. CySEC advises investors to verify the licensing status of firms on its website before engaging in investment activities.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not request sensitive personal information via SMS, email, or embedded hyperlinks. Customers who have interacted with these fraudulent sites are advised to contact Chong Hing Bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. The HKMA reminded customers that banks will not send messages with embedded hyperlinks or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens impersonating The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The National Bank of Bulgaria released March 2025 statistical data on banknotes and coins in circulation. The data is available as dynamic time series in tabular form in the "Statistics of banknotes and coins in circulation" section, accompanied by a dissemination calendar.
The Isle of Man Financial Services Authority announced updates to financial sanctions regimes, including Belarus, ISIL (Da’esh) and Al-Qaida, and others. Firms are directed to the Treasury’s Sanctions and Export Control webpage for current notices and subscription options for ongoing updates.
The Federal Reserve Bank of Cleveland's Economic Commentary assesses the reserve buffer needed for the Federal Reserve to sustain an ample-reserves framework during quantitative tightening. Economist Joe Haubrich proposes a buffer of USD 90 billion to USD 130 billion, but demand shocks could increase this to USD 800 billion to USD 860 billion. The analysis underscores uncertainty in determining the optimal reserve level to avoid upward pressure on the federal funds rate.
Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani met with U.S. Department of the Treasury Acting Assistant Secretary for Terrorist Financing Anna Morris to discuss strengthening bilateral relations and collaboration in the financial and banking sectors.
The Central Bank of Kuwait launched the Fraud Shield Initiative Accelerator Program to enhance electronic financial fraud detection, prevention, and public awareness, involving banks, payment service providers, fintech innovators, and regulatory bodies. This initiative aims to safeguard financial transactions and support regulatory compliance amid sophisticated fraud schemes.
The European Central Bank's April 2025 bank lending survey shows a slight net tightening of credit standards for euro area banks' loans to enterprises and consumer credit, while standards eased for housing loans. Corporate loan demand turned slightly negative, but mortgage demand rose strongly. For Q2 2025, banks anticipate further tightening of credit standards across all loan segments, with a small increase in firm loan demand and continued growth in household loan demand, particularly for housing.
The European Central Bank's euro area bank lending survey for Q1 2025 shows a slight net tightening of credit standards for enterprise and consumer loans, while housing loans saw an easing. Demand for enterprise loans decreased slightly, mortgage demand rose strongly, and consumer credit demand increased moderately. Banks anticipate further tightening of credit standards across all segments in Q2 2025, with higher demand expected.
The Liechtenstein Financial Market Authority released two brochures highlighting Liechtenstein's status as an asset management hub and detailing market developments in the latter half of the year. As of December 31, 2024, 88 asset management companies were licensed, managing approximately CHF 54.2 billion.
The Brazilian Superintendence of Private Insurance (SUSEP) will soon launch its registration system for mutualistic property protection groups on its website, with mandatory registration by 15 July 2025. This aligns with SUSEP Resolution No. 49/2025 and is a preliminary step in implementing Complementary Law No. 213/2025. SUSEP director Carlos Queiroz highlighted the need for additional regulation to fully enact the law during recent presentations and visits to relevant entities.
The Central Bank of the Philippines mandates non-bank financial institutions with quasi-banking functions and trust entities to publish their Statement of Condition (SOC) and, if applicable, consolidated SOC or balance sheet as of 31 March 2025. Publication must occur in a local newspaper within 20 working days, with scanned copies submitted to the Central Bank within the same timeframe.
The Central Bank of the Philippines updated the Manual of Regulations for Banks and Non-Bank Financial Institutions, consolidating 2022 issuances and introducing amendments for clarity and alignment. Key changes include specifying the effective reserve week, aligning IT risk management guidelines, reclassifying a loan application form report, and updating footnotes with critical 2022 information. These updates address submission deadlines, licensing windows, and relief measures.
The Central Bank of the Philippines clarified that sales of foreign exchange against Philippine pesos by Authorized Agent Bank Forex Corporations are governed by the Manual of Regulations on Foreign Exchange Transactions, not the Manual of Regulations for Non-Bank Financial Institutions. Transactions with non-AAB individuals or entities must comply with the FX Manual's requirements, including relevant documentation based on the transaction's nature.
The Central Bank of the Philippines reported a 2.6% year-on-year increase in personal remittances from Overseas Filipinos, totaling USD 3.02 billion in February 2025. Cumulative remittances for January–February 2025 reached USD 6.27 billion, up 2.7% from the previous year, with significant contributions from the U.S., Saudi Arabia, Singapore, and the UAE. Cash remittances through banks rose to USD 2.72 billion in February 2025, with the U.S. accounting for the largest share, though actual contributions may be inflated due to correspondent banking channels.
The Central Bank of Brunei Darussalam released the Business Sentiment Index for February 2025, showing a stable headline Current Business Conditions sub-index at 50.0. The one-month-ahead index slightly increased to 50.3, with neutral responses prevailing across sectors. Notably, Wholesale and Retail Trade showed marginal optimism, while small businesses were slightly pessimistic.
The Estonian Financial Supervision and Resolution Authority has revoked AS TBB Pank's operating licence, allowing it to voluntarily wind up and withdraw its subsidiary AS TBB Liising's creditor rights. With a minimal market share, the wind-up does not impact Estonia's financial stability. The bank is managing deposit distribution and client communication, leaving eight licensed credit institutions in Estonia.
Estonia's Financial Supervision Authority has launched an updated testing sandbox to support financial innovation, offering companies a free environment to test new financial technology products. The revamped sandbox is more user-friendly and focused on entities under supervision, facilitating open discussions on product suitability and technological challenges. Access is granted through an application detailing testing options, goals, and expected outcomes.
The Slovenia Securities Market Agency (ATVP) warned of increasing crypto asset fraud, often involving emails promising to recover lost assets for payments or personal data. ATVP noted tactics like high transaction costs and conditional fund releases, urging caution with online offers promising high returns and low risk. The agency advised reporting suspected fraud to the police and referred investors to its educational resources on reducing fraud risks.
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a statutory fee of VND 1,000,000 for the issuance of securities practising certificates. Payment can be made via bank transfer or directly at the authority. Failure to complete the procedures within one year will result in certificate cancellation.
The Brazil Securities Commission (CVM) issued enforcement decisions in three cases, including a warning to Inforcont Auditores Independentes for noncompliance with the Continuing Professional Education Program. Crowe Macro Auditores Independentes and Fabio Debiaze Pino were fined BRL 200,000 and BRL 85,000, respectively, for breaches of Brazilian auditing standards, while Fábio Junior Thibes was fined BRL 198,919.60 for a fraudulent capital markets operation. Appeals can be made to the National Financial System Appeals Council.
The Brazil Securities Commission (CVM) and the Brazilian Financial and Capital Markets Association (ANBIMA) have expanded their cooperation to include Credit Rights Investment Funds (FIDCs) and funds investing in FIDCs (FIC FIDCs) for ANBIMA's analysis, eliminating the need for initial CVM review. ANBIMA can now review more underlying assets for Real Estate Receivables Certificates (CRIs) and incorporates Fiagro offerings under the new Fiagro regime. These changes aim to enhance market efficiency and respond to demand.
The Central Bank of Estonia's assessment indicates that Estonia's labour market remained stable in 2024 despite a recession, with employment levels maintained and productivity growth crucial for competitiveness. However, register data show a decline in employment, particularly in manufacturing, construction, and retail, while healthcare demand increased. The bank forecasts a temporary slowdown in household purchasing power in 2025 due to higher taxes and inflation, with improvement anticipated in 2026.
The Astana Financial Services Authority (AFSA) alerted the public about fraudulent activities by Nurlan Asilbekov, promoting financial services with a forged AFSA licence on Telegram. The fake document references licence No. AFSA-G-LA-2023-0004, originally issued to Bybit Limited, and includes the individual's name, which is atypical for genuine AFSA licences. AFSA advises verifying authorisation through its Public Register and warns that transactions with unauthorised persons may lack protection under the Astana International Financial Centre's legal framework.
The Central Bank of the Republic of Azerbaijan has updated criteria for designating systemically important banks, revising indicators to include deposit portfolio volume and substitutability factors. Effective from 9 April 2025, the criteria shift focus from asset size to broader measures, including customer and service infrastructure metrics. Designation entails additional regulatory requirements, including higher capital adequacy and leverage ratios.
The Philippines Insurance Commission issued a cease and desist order against Diamond Memorial Care Plans, Inc. for non-compliance with Republic Act No. 9829 and Commission orders, placing the company under conservatorship. Effective 15 April 2025, Attorney John A. Apatan was appointed as Interim Ex-officio Conservator, directing planholders and creditors to address claims through him.
The Securities and Exchange Commission of the Republic of North Macedonia participated in a student panel during Global Money Week 2025 in Skopje, emphasizing the impact of financial knowledge on personal and professional outcomes. The event featured key financial leaders discussing the importance of financial literacy and the proactive measures regulators are implementing to enhance financial education.
The Ontario Securities Commission (OSC) issued a warning that several entities, including Sequoia Capital Markets and Black Stone Capital, are not registered to deal or advise in securities in Ontario. The OSC maintains a warning list and advises investors to verify registration status through its resources.
The Seychelles Financial Services Authority issued a scam alert regarding Rocketinvest Limited, which falsely claims FSA authorisation under licence number UG156. The FSA confirmed the entity is unknown, unlicensed, and the licence number is not associated with any regulated firm. The public is urged to perform due diligence before engaging with the company.
The Insurance Regulatory Authority of Uganda has updated directives for licensing insurance agents, integrating registration with the Insurance Agents Association of Uganda into the core requirements. The new framework mandates online applications, eligibility criteria, and specific documentation, including proof of membership with the Insurance Training College. Licence fees are UGX 100,000 for individuals and UGX 200,000 for corporate agencies.
The Central Bank of the Republic of Kosovo participated in the IMF's Ninth High-Level Forum on Central Bank Governance in Riyadh, focusing on governance frameworks, board oversight, and institutional transparency. The participation aims to enhance governance practices and align with international standards.
The Central Bank of Ecuador reported a 2.0% GDP contraction for 2024, driven by declines in household consumption, government spending, and gross fixed capital formation, despite growth in exports and imports. Key factors included security conditions, oil well closures, political uncertainty, and a severe drought, with power outages causing significant economic losses. For 2025, the bank forecasts a 2.8% GDP recovery, supported by stronger consumption, non-oil exports, and investment, while noting ongoing risks.
The Moroccan Capital Market Authority announced that Prev Invest SA has fallen below the 5% participation threshold in CFG Bank's capital and voting rights after selling shares. Prev Invest SA sold 1,486,400 shares on the block market at MAD 220 each and 289,710 shares on the central market at MAD 223.15 each, and no longer holds any CFG Bank shares.
The European Commission has initiated a targeted consultation to gather stakeholder feedback on barriers to capital markets integration within the EU, as part of its Savings and Investments Union strategy. It addresses cross-border trading, investment fund scaling, supervisory practice divergences, and simplification options. Findings will inform measures to enhance savings mobilisation and financial opportunities, with a comprehensive package expected in Q4 2025.
The Saudi Arabia Insurance Authority has licensed Deloitte Actuarial Services to provide services including risk assessment, pricing, liability evaluation and provisioning. The authorization is intended to broaden expertise and investment in the insurance sector.
The National Bank of Hungary and the Hungarian Chamber of Commerce and Industry have signed a six-point cooperation agreement to promote sustainable economic growth. The agreement includes joint analysis of economic processes, monitoring of export activity, and research projects to inform economic policy. It also focuses on identifying high-potential SMEs and establishing collaborative platforms with financial institutions and universities.
The State Bank of Vietnam announced that Vietnam National Payment Corporation (NAPAS) has launched Apple Pay for domestic NAPAS cardholders, facilitating in-store, in-app, and online payments via Apple devices. The service, initially available through Vietcombank and OCB, uses Face ID, Touch ID, or a passcode for authentication and is expanding acceptance with partners like OnePay and VNPay.
At a government conference, State Bank of Vietnam Governor Nguyen Thi Hong outlined a 2025 credit growth target of 16%, with flexibility for adjustment if inflation is controlled. The Governor discussed a VND 500 trillion credit package for infrastructure and digital technology investments, emphasizing digital transformation and data ecosystem development. Additionally, SBV is considering foreign currency needs for large projects while maintaining exchange rate stability.
The State Bank of Vietnam's 2025 plan aims to streamline administrative procedures by cutting at least 30% of unnecessary investment conditions, processing times, and compliance costs. The plan mandates 100% online delivery of business-related procedures and emphasizes decentralization within the bank's operations. Internal procedures will be reviewed for efficiency, with the State Bank of Vietnam Office overseeing implementation and progress.
The State Bank of Vietnam and the Asian Development Bank (ADB) discussed expanding ADB government lending in Vietnam and enhancing policy dialogue and technical coordination. They reviewed strategic cooperation priorities, including the upcoming signing of the Inclusive and Climate-Resilient Infrastructure for Ethnic Minority Areas II project. The Governor requested streamlined procedures, flexible financing structures, and lower borrowing costs, while ADB expressed readiness to expand long-term finance in key sectors.
The Central Bank of Russia revoked the banking licence of PromTransBank due to repeated breaches of banking laws, AML/CFT violations, and persistent financial losses. The bank, ranked 177th by assets, faced restrictions on household deposits and failed to restore financial soundness. The State Corporation Deposit Insurance Agency was appointed as provisional administrator, ensuring depositors are eligible for compensation up to RUB 1.4 million.
The Central Bank of Russia and the Federal Antimonopoly Service have issued guidance for banks on presenting deposit information remotely to prevent consumer misinformation. Banks should avoid using visual techniques to highlight attractive figures like returns or interest rates and must clearly state conditions for maximum and minimum guaranteed rates without graphic emphasis. If multiple deposit types share the same name, the minimum guaranteed interest rate should be calculated separately for each.
The U.S. Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Administration, and Office of the Comptroller of the Currency have temporarily paused certain appraisal requirements for real estate transactions in Los Angeles County due to 2025 wildfires and wind damage. This measure facilitates lending and loan modifications for affected families and businesses without appraisals, ensuring real estate values support transactions. The pause expires on January 8, 2028, with ongoing monitoring of lending practices for safety and soundness.
The Norwegian Financial Supervisory Authority issued guidance for entities under the Anti-Money Laundering Act on managing terrorism financing risks and reporting to Økokrim’s Financial Intelligence Unit. It highlights risk areas like digital fundraising, virtual assets, and gaming-related transactions, emphasizing well-documented suspicion before reporting. It also stresses monitoring activities involving minors and cross-border transactions with non-reporting entities.
The Italian Securities Commission (Consob) announced investor education initiatives at the Salone del Risparmio, featuring a conference-show on financial and crypto-related risks and a visitor space by its Financial Disputes Arbitrator. The event, “Il momento è cri(p)tico,” will address topics like blockchain and online scams. Consob will also participate in panel sessions on AI in asset management and the effectiveness of financial education.
The Chile Financial Market Commission has released a consultation on a regulatory proposal for the Consolidated Debt Registry (REDEC) under Law No. 21,680. The proposal outlines reporting, access, consent, and security arrangements to centralize debtor information and enhance the credit information framework. It includes operational requirements for reporting entities, data submission guidelines, security measures, and debtor rights, with consultation materials available on the CMF website.
Chile’s Financial Market Commission (CMF) has initiated an administrative sanctioning procedure against Sartor Administradora General de Fondos S.A. (Sartor AGF) and its former directors and executives. The charges include serious breaches of due care and diligence, provision of false information, and failure to maintain separation between fund administration and other activities. The investigation will proceed confidentially, with charged parties having 20 business days to respond.
The US Federal Reserve Board, FDIC, OCC, and NCUA issued temporary exceptions to appraisal requirements for certain real estate transactions in Los Angeles County due to wildfire and wind damage. This allows banks and credit unions to lend or modify loans without an appraisal when difficult to obtain, ensuring real estate value supports the transaction. The relief assists affected families and businesses and reduces loan processing times, with monitoring to ensure safe lending practices.
The Commodity Futures Trading Commission's Market Participants Division and Division of Clearing and Risk issued a no-action letter on swap clearing and margin requirements for swaps transferred from Credit Suisse International to UBS AG London Branch after their merger. The relief applies to legacy swaps not previously subject to these requirements, with specified conditions for non-enforcement against UBS AG and its counterparties, responding to a request from UBS AG.
Finance Liechtenstein explained how the MiCAR Implementation Act and the TVTG position Liechtenstein as a gateway for crypto-asset activities in the EU and EEA. Liechtenstein's EEA membership facilitates market access for local providers, attracting Swiss firms to establish subsidiaries. The TVTG offers a civil law framework for tokenisation, while MiCAR focuses on service provider supervision and public token offerings.
The Financial Stability Board (FSB) has released the final Format for Incident Reporting Exchange (FIRE), a standardized format to enhance cyber and operational incident reporting across jurisdictions. Developed with private sector input, FIRE aims to reduce reporting fragmentation and facilitate information-sharing among authorities, applicable to third-party providers and firms beyond the financial sector. The framework, incorporating feedback and robustness testing, supports phased implementation and interoperability with existing systems.
The United States Office of the Comptroller of the Currency issued a letter to its supervised institutions regarding unauthorized access to its email systems, designated as a major information security incident. The authority committed to addressing contributing deficiencies and ensuring accountability for any related organizational or structural shortcomings.
Argentina's Securities Commission (CNV) issued General Resolution No. 1062, removing the minimum holding period for resident individuals in certain negotiable securities transactions. This change, part of the government's Phase 3 economic programme, facilitates sales and transfers of securities settled in foreign currency. The measure is effective immediately and aligns with the Central Bank's Communication “A” 8226.
The Argentina Securities Commission (CNV) has launched a public consultation on a proposed tokenization regime for digital representations of publicly offered negotiable securities, approved under General Resolution No. 1060. The proposal outlines using distributed ledger technologies (DLT) to ensure security, traceability, and verifiability, allowing digital representation of various securities, including shares and corporate bonds. The CNV engaged market participants and relevant authorities in the consultation process.