Regulations Across ASEAN

Bank Indonesia 50bps Rate Hike, MAS Revokes Bsquared Payment Licence & Singapore Insider Trading Convictions — ASEAN RegWatch May 24, 2026

This week's ASEAN RegWatch  Covers 5 regulatory developments across Indonesia and Singapore - defined by monetary policy tightening & MAS enforcement action. * In Indonesia,  * Bank Indonesia raised the BI-Rate by 50 basis points to 5.25 percent, with Deposit Facility and Lending Facility rates increased by the same margin.  * The central bank is intensifying foreign exchange intervention through non-deliverable forwards and spot transactions, raising yields on Bank Indonesia Rupiah Securities to counter capital outflows, and easing macroprudential policy via the Macroprudential Intermediation Ratio and Liquidity Incentive Policy from July and August 2026. * In Singapore,  * The Monetary Authority of Singapore revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd effective May 14, 2026, under the Payment Services Act, prohibiting all digital payment token services.  * Bsquared must submit an auditor closure certificate confirming all customer monies are properly handled.  * MAS cited failures in regulatory integrity, risk management, and accuracy of information provided to the regulator. * Also in Singapore,  * Two individuals were convicted under the Securities and Futures Act for false trading and insider trading. MAS and Singapore Police jointly prosecuted — confirming that market integrity breaches carry criminal consequences, not just civil penalties. * At the regional level,  * The World Anti-Doping Agency signed a three-year Memorandum of Understanding with ASEAN to harmonise national anti-doping policies and support implementation of the 2027 World Anti-Doping Code across member states. Essential listening for CCOs, payment institution compliance officers, treasury and capital markets leads, and risk officers across Indonesia, Singapore, and the broader ASEAN region. Carver RegWatch delivers weekly regulatory intelligence across jurisdictions. Published May 24, 2026. For more information, visit the Carver Agents website [https://carveragents.ai/]. Also from Carver RegWatch this week: * This Week in AI Regulations — EU AI Act high-risk classification guidelines, CNIL €487M record fines, China AI deepfake enforcement * USA Regulatory Updates — SEC novel ETF regulatory review, California Hermes Bitcoin kiosk enforcement, IOSCO AI supervisory toolkit * EU Regulatory Updates — EU AI Act consultation deadline June 23, CNIL cybersecurity enforcement priorities 2026, EU Solidarity Fund climate allocation * Middle East RegWatch — OFAC Adani $275M Iran sanctions settlement, OFAC Amin Exchange designation, UAE Drupal CVE-2026-8495 cybersecurity alert * India Regulatory Updates — RBI restricts Nagar Sahakari Bank, RBI cancels Yashwant Co-operative Bank licence, SEBI Investor Onboarding Regulatory Sandbox * Global Regulatory Briefing — Bank of England CCP resolution paper, Malta tokenisation consultation, ASIC sustainability reporting focus 2026-27 Find all series at The Carver Agents Podcast [https://carveragents.ai/podcasts] Articles mentioned: 1. BI-Rate Increased by 50 bps to 5.25%: Strengthening Stability, Supporting Economic Growth [https://www.bi.go.id/en/publikasi/ruang-media/news-release/Pages/sp_2810726.aspx] 2. Two Individuals Convicted for Offences under the Securities and Futures Act [https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2026/two-individuals-convicted-for-offences-under-the-securities-and-futures-act] 3. First commenting round on a Detailed Review Paper on in vitro mammalian cell genotoxicity methods [https://www.oecd.org/en/events/public-consultations/2026/05/first-commenting-round-on-a-detailed-review-paper-on-in-vitro-mammalian-cell-genotoxicity-methods-based-on-the-phosphorylated-histone-biomarkers-h2ax-and-ph3.html] 4. Seventy-ninth World Health Assembly – Daily update: 19 May 2026 [https://www.who.int/news/item/19-05-2026-seventy-ninth-world-health-assembly---daily-update--19-may-2026] 5. MAS Revokes the Major Payment Institution Licence of Bsquared Technology Pte Ltd [https://www.mas.gov.sg/news/media-releases/2026/mas-revokes-the-major-payment-institution-licence-of-bsquared-technology-pte-ltd] 6. Bank Indonesia raises Bank Indonesia Rupiah Securities returns to counter capital outflows [https://jakartaglobe.id/business/bank-indonesia-raises-srbi-returns-to-counter-capital-outflows] 7. WADA signs three-year memorandum of understanding with ASEAN [https://asean.org/wada-signs-three-year-memorandum-of-understanding-with-asean/]

[ASEAN] Regulatory Insights on DSIBs, Financial Advice & Striking Off

This episode delves into recent regulatory developments across ASEAN, focusing on financial advice reforms, market authorisation updates, and significant regulatory measures affecting Domestic Systemically Important Banks (DSIBs). It also covers striking off procedures and legislative clarifications from Bank Negara Malaysia. Major updates include Singapore’s Monetary Authority introducing proposed Total Loss Absorbing Capacity (TLAC) requirements for local and foreign DSIBs to strengthen loss absorption and recapitalisation capabilities. Another critical update is MAS concluding consultations on enhanced Product Highlights Sheets and a streamlined framework for complex financial products, removing mandatory financial advice for most investors but retaining it for selected clients. Additionally, Singapore’s Official Receiver has issued a notice for the striking off of Global Paris Group Pte. Ltd. under the simplified winding-up programme, highlighting procedural timelines for objections and court applications. The Audit Oversight Board in Malaysia emphasizes the importance of accurate disclosures in annual reports to maintain investor confidence, while Bank Negara Malaysia provides a comprehensive overview of key financial legislation. For more information, visit the Carver Agents website [https://carveragents.ai]. Articles mentioned: 1. Consultation Paper on Proposed Total Loss Absorbing Capacity Requirements for Domestic Systemically Important Banks in Singapore [https://www.mas.gov.sg/publications/consultations/2026/consultation-paper-on-proposed-tlac-requirements-for-dsibs-in-singapore] 2. Jakarta Bergerak Bersama, Pilah Sampah dari Sumber Jadi Budaya Baru Warga Kota [https://lingkunganhidup.jakarta.go.id/detail-artikel/jakarta-bergerak-bersama-pilah-sampah-dari-sumber-jadi-budaya-baru-warga-kota] 3. AOB’s Oversight Activities – May 2026 [https://www.sc.com.my/api/documentms/download.ashx?id=ce0bd393-13c1-4d58-a639-60e0e73b6bcf] 4. 15-May-2026 Notice of Striking Off for Simplified Winding Up Programme [https://io.mlaw.gov.sg/files/SIP%20notices%202026/15_05_2026_Notice_of_Striking_Off.pdf] 5. Using assessments from comparable overseas regulators for medical devices [https://www.tga.gov.au/resources/guidance/using-assessments-comparable-overseas-regulators-medical-devices] 6. Supervisory Framework [https://www.mas.gov.sg/publications?topics=Prudential%20and%20Supervisory%20Requirements%2FSupervisory%20Framework] 7. MAS Concludes Consultation on Enhancements to Product Highlights Sheets and Streamlined Framework for Complex Products [https://www.mas.gov.sg/news/media-releases/2026/mas-concludes-consultation-on-enhancements-to-phs-and-streamlined-framework-for-complex-products] 8. Laws Administered by BNM [https://www.bnm.gov.my/legislation] 9. Indonesia advances plan to curb marine plastic pollution [https://www.imo.org/en/MediaCentre/Pages/WhatsNew-2451.aspx] 10. Indonesia advances plan to curb marine plastic pollution [https://www.imo.org/en/mediacentre/pages/WhatsNew-2451.aspx]

[ASEAN] Key Regulatory Moves in SSM, Jakarta, BPR & Foreign Affairs

This episode of Carver's ASEAN Regulatory Updates explores significant regulatory developments affecting sectors such as SSM enforcement in Malaysia, payment and objection processes in Indonesia’s BPR banking sector, and Jakarta’s environmental waste management policies. Key updates include the Indonesia Deposit Insurance Corporation (LPS) executing payments to depositors of PT BPR Koperindo Jaya and enabling objections for PT BPR Suliki Gunung Mas deposit guarantee statuses, enhancing depositor protection and transparency. In Jakarta, a new Governor Instruction mandates households to sort waste from the source starting August 2026, with Bantargebang Waste Processing Site limiting intake to residual waste only. Additionally, Malaysia’s SSM and Bank Negara Malaysia have jointly enforced actions against company secretaries for non-compliance with AMLA reporting obligations, highlighting the importance of regulatory adherence in corporate governance. The episode also discusses LPS’s preparation to activate a comprehensive insurance policy guarantee program aimed at stabilizing and growing Indonesia’s insurance market. For more information, visit the Carver Agents website [https://carveragents.ai]. Articles mentioned: 1. Pengumuman Pembayaran PT BPR KOPERINDO JAYA (DL) Tahap 2 [https://lps.go.id/pengumuman-pembayaran-atas-penetapan-status-penjaminan-simpanan-nasabah-penyimpan-pt-bpr-koperindo-jaya-dl-tahap-2/] 2. Untuk Masa Depan Jakarta, Pemprov DKI Ajak Warga Bersama Pilah Sampah dari Rumah [https://lingkunganhidup.jakarta.go.id/detail-artikel/untuk-masa-depan-jakarta-pemprov-dki-ajak-warga-bersama-pilah-sampah-dari-rumah] 3. Joint Enforcement Action against a Company Secretary [https://www.bnm.gov.my/-/eapn092026] 4. Pengumuman Keberatan PT BPR SULIKI GUNUNG MAS (DL) [https://lps.go.id/pengumuman-pengajuan-keberatan-nasabah-penyimpan-atas-penetapan-status-penjaminan-simpanan-nasabah-pt-bpr-suliki-gunung-mas-dl/] 5. Bekas Setiausaha Syarikat Didenda RM50,000 Selepas Mengaku Salah Memberi Maklumat Palsu Kepada SSM [https://www.ssm.com.my/_layouts/15/listform.aspx?PageType=4&ListId=%7B9F0729E4%2D5E46%2D428E%2DBB94%2DCA9D02DBCDB3%7D&ID=440&ContentTypeID=0x010098952881AC48D34C9D9967E0232CDB0B] 6. MACQUARIE GROUP / LA CAISSE / MAPLE (May 4 Update) [https://competition-cases.ec.europa.eu/cases/M.12368?from=latest-updates&caseInstrument=M&dateHighlight=2026-05-04] 7. MACQUARIE GROUP / LA CAISSE / MAPLE (May 8 Update) [https://competition-cases.ec.europa.eu/cases/M.12368?from=latest-updates&caseInstrument=M&dateHighlight=2026-05-08] 8. TRAFIGURA / GM / LOS GUINDOS GENERACION [https://competition-cases.ec.europa.eu/cases/M.12307?from=latest-updates&caseInstrument=M&dateHighlight=2026-05-08] 9. Lula enacts Mercosur–European Union agreement [https://www.gov.br/planalto/en/latest-news/lula-enacts-mercosur2013european-union-agreement-and-submits-two-additional-treaties-to-congress] 10. Perkuat Kepercayaan Sektor Asuransi, LPS Persiapkan Penjaminan Polis [https://lps.go.id/perkuat-kepercayaan-dan-stabilitas-sektor-asuransi-lps-persiapkan-aktivasi-program-penjaminan-polis-asuransi/]

[ASEAN] Key Regulatory Updates on Food Security, Investor Alerts & Tokenised Sukuk

This episode covers significant regulatory developments across multiple sectors including the Companies Act 2016, food security measures within ASEAN, updates on Malaysia's Investor Alert List, and the launch of Malaysia’s first tokenised sukuk pilot. Listeners will gain insight into regional cooperation efforts and evolving financial regulations. Key updates include ASEAN Economic Community Council’s coordinated policies to mitigate risks from global energy and food supply disruptions, emphasizing maritime security and the ASEAN Plus Three Emergency Rice Reserve (APTERR). Malaysia’s Companies Act 2016 enforcement is highlighted by the recent criminal charge against a former company director for providing false information, underscoring compliance importance. Additionally, Malaysia’s Securities Commission has expanded its Investor Alert List with new unauthorized entities, warning investors to exercise caution. The episode also explores Khazanah Nasional Berhad’s pioneering tokenised sukuk pilot, leveraging distributed ledger technology to enhance market efficiency and investor protection. For more information, visit the Carver Agents website [https://carveragents.ai]. Articles mentioned: 1. Joint Statement of the ASEAN Economic Community Council - 30.04.2026 [https://asean.org/joint-statement-of-the-asean-economic-community-council-on-the-economic-implications-of-the-situation-in-the-middle-east/] 2. AMAF Statement on Food Security - 29.04.2026 [https://asean.org/asean-ministers-on-agriculture-and-forestry-amaf-statement-on-safeguarding-food-security-and-agricultural-supply-chains-amid-global-uncertainties/] 3. Secretary-General Attends AEC Council Special Meeting via Videoconference - 30.04.2026 [https://asean.org/asean-secretary-general-attends-special-meeting-of-the-asean-economic-community-council-to-address-global-challenges-and-safeguard-regional-resilience-via-videoconference/] 4. 30.04.2026 - Bekas Pengarah Syarikat Didakwa Atas Kesalahan Memberi Maklumat Palsu Kepada Pendaftar [https://www.ssm.com.my/_layouts/15/listform.aspx?PageType=4&ListId=%7B9F0729E4-5E46-428E-BB94-CA9D02DBCDB3%7D&ID=439&ContentTypeID=0x010098952881AC48D34C9D9967E0232CDB0B] 5. PayNow Nickname Feature to Cease from 6 June 2026 to Strengthen Protection Against Impersonation Scams [https://www.abs.org.sg/docs/library/paynow-nickname-feature-to-cease-from-6-june-2026-to-strengthen-protection-against-impersonation-scams57db166f-f8ab-455c-bc17-c7e0b69b377c.pdf] 6. Enhancements to MAS’ Regulatory Framework To Facilitate Dual Listings on the Singapore Exchange [https://www.mas.gov.sg/news/media-releases/2026/enhancements-to-mas-regulatory-framework-to-facilitate-dual-listings-on-the-singapore-exchange] 7. RSS feed of cases newly initiated [https://tron.trade.ec.europa.eu/investigations/api/download/eucase/rss/ongoing] 8. Investor Alert List (as at 30/4/2026) [https://www.sc.com.my/resources/media/investor-alert-updates/investor-alert-list-as-at-3042026] 9. Khazanah Leads Malaysia’s First Tokenised Sukuk Pilot in Collaboration with the SC [https://www.sc.com.my/resources/media/media-release/khazanah-leads-malaysias-first-tokenised-sukuk-pilot-in-collaboration-with-the-sc] 10. Investor Alert List (as at 27/4/2026) [https://www.sc.com.my/resources/media/investor-alert-updates/investor-alert-list-as-at-2742026]

[ASEAN] Regulatory Insights on Inflation, Compliance & BPR Updates

This episode covers pivotal regulatory developments influencing key sectors such as Nipocalimab, Compliance, Inflation, Initial Access List, and BPR within ASEAN. Listeners will gain insights on the Bangko Sentral ng Pilipinas' decision to raise the reverse repurchase rate by 25 basis points to 4.5%, signaling an end to the easing cycle and possible further hikes. Financial institutions must recalibrate lending and borrowing policies accordingly. Another major update includes the awarding of the Public Waste Collection Licence for Singapore’s Zone 6 Pasir Ris-Bedok sector to 800 Super Waste Management Pte Ltd, introducing a modernized fleet with electric trucks and expanded recyclables collection. In Indonesia, the Indonesia Deposit Insurance Corporation (LPS) has announced critical deadlines and processes for deposit guarantee payments concerning revoked banks such as PT BPR Bumi Pendawa Raharja, Perumda BPR Bank Cirebon, and PT BPR Sumber Usahawan Bersama, emphasizing phased payments, claim submissions, and dispute protocols. For more information, visit the Carver Agents website [https://carveragents.ai]. Articles mentioned: 1. Bangko Sentral ng Pilipinas raises rates, signals more hikes [https://www.bworldonline.com/top-stories/2026/04/24/745239/bsp-raises-rates-signals-more-hikes/] 2. New Public Waste Collection Licence for the Zone 6 (Pasir Ris-Bedok) Sector Commences 1 July 2026 [http://www.nea.gov.sg/media/news/news/index/new-public-waste-collection-licence-for-the-zone-6-(pasir-ris-bedok)-sector-commences-1-july-2026] 3. Pengumuman Pembayaran Atas Penetapan Status Penjaminan Simpanan Nasabah Penyimpan PT BPR Bumi Pendawa Raharja (DL) Tahap 3 [https://lps.go.id/pengumuman-pembayaran-atas-penetapan-status-penjaminan-simpanan-nasabah-penyimpan-bpr-bumi-pendawa-raharja-dl-3/] 4. Pengumuman Pembayaran Atas Penetapan Status Penjaminan Simpanan Nasabah Penyimpan Perumda BPR Bank Cirebon (DL) [https://lps.go.id/pembayaran-atas-penetapan-status-penjaminan-simpanan-nasabah-penyimpan-perumda-bpr-bank-cirebon-dl-2/] 5. Bedding supplier Emma Sleep to pay a total of $15m in penalties for misleading statements about sale prices [https://www.accc.gov.au/media-release/bedding-supplier-emma-sleep-to-pay-a-total-of-15m-in-penalties-for-misleading-statements-about-sale-prices] 6. Pengumuman Pengajuan Keberatan Nasabah Penyimpan atas Penetapan Status Penjaminan Simpanan Nasabah PT BPR Bumi Pendawa Raharja (DL) [https://lps.go.id/pengumuman-pengajuan-keberatan-nasabah-penyimpan-atas-penetapan-status-penjaminan-simpanan-nasabah-pt-bpr-bumi-pendawa-raharja-dl/] 7. Bangko Sentral ng Pilipinas Discount Window Facility interest rates effective 27 April 2026 [https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=7887&MType=MediaReleases] 8. Pengumuman Batas Waktu Pengajuan Klaim Penjaminan Simpanan Layak Dibayar Nasabah Penyimpan PT BPR Sumber Usahawan Bersama (DL) [https://lps.go.id/batas-waktu-pengajuan-klaim-penjaminan-simpanan-layak-dibayar-nasabah-penyimpan-pt-bpr-sumber-usahawan-bersama-dl/] 9. Notice of Extension: Public Consultation for the Initial Access List [https://dict.gov.ph/nte-public-consultation-access-list] 10. Kurzbericht Zulassung – Imaavy® [https://www.swissmedic.ch/swissmedic/de/home/ueber-uns/publikationen/public-summary-swiss-par/public-summary-swiss-par-imaavy.html]