Regulations Across ASEAN

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

Carver Agents — Mon, 25 May 2026 10:52:25 +0530

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.

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

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

Carver Agents — Sun, 17 May 2026 22:22:39 +0530

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.

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

Carver Agents — Mon, 11 May 2026 06:27:20 +0530

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.

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

Carver Agents — Mon, 04 May 2026 12:37:25 +0530

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.

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

Carver Agents — Mon, 27 Apr 2026 09:34:26 +0530

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.

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[ASEAN] Strengthening Fiscal Sustainability and Regulatory Compliance Across ASEAN+3

Carver Agents — Tue, 21 Apr 2026 02:32:02 +0530

This episode covers significant regulatory developments impacting the ASEAN+3 region, including key initiatives in fiscal sustainability, banking, insurance, and corporate compliance.

Notably, the ASEAN+3 economies are prioritizing stronger fiscal management to address emerging risks and structural headwinds through credible fiscal anchors and improved spending efficiency. Indonesia's Deposit Insurance Corporation (LPS) is launching a Public-Private Partnership program to enhance insurance industry resilience, focusing on risk-based premiums and advanced resolution strategies.

Additionally, the Philippines is offering loan payment grace periods and regulatory relief amid an energy emergency, supporting borrower recovery and financial sector stability. Jakarta’s Companies Commission has introduced a Compliance Clinic and Recovery Campaign to boost corporate governance and facilitate statutory document submission.

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[ASEAN] Key Regulatory Shifts in Health, Finance, and Cybersecurity Sectors

Carver Agents — Mon, 13 Apr 2026 08:23:46 +0530

This episode covers vital regulatory developments affecting cybersecurity, financial deposit insurance (penjaminan), etomidate substance control, public health initiatives, and tuberculosis elimination efforts across ASEAN countries.

Major highlights include Indonesia's National Agency of Drug and Food Control (BPOM) authorizing measles vaccines for adults, prioritizing healthcare workers and high-risk groups to strengthen immunization coverage. Additionally, Indonesia launches an extensive free health check program targeting 130 million people to accelerate tuberculosis early detection and treatment.

In the financial sector, Indonesia's Deposit Insurance Corporation (LPS) manages the liquidation and deposit insurance payments following the revocation of PT BPR Sungai Rumbai's business license. Depositors must comply with LPS’s verification processes to claim their deposits within stipulated timelines.

Singapore has stepped up enforcement by charging an individual for alleged trafficking of etomidate vaporiser pods amid new regulations classifying etomidate as a Specified Psychoactive Substance. Furthermore, leading firms in Singapore have committed to enhancing cybersecurity and data protection practices through voluntary undertakings.

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[ASEAN] Key Regulatory Advances in Therapeutic Product Registration & Authorisation

Carver Agents — Tue, 07 Apr 2026 00:28:38 +0530

This episode delves into critical regulatory developments impacting the therapeutic product landscape in ASEAN, including updates on Chemistry, Manufacturing, and Controls (CMC) dossier requirements, authorisation frameworks, and drug approval processes.

Key updates include Singapore's Health Sciences Authority mandating the use of eCTD version 1.1 for dossier submissions effective April 1, 2026, along with new requirements for quality defect declarations starting June 1, 2026. Additionally, Indonesia's BPOM is advancing conditional marketing authorisation for vaccines post phase 1 and 2 clinical trials, balancing innovation with safety and public trust.

On the financial regulatory front, Singapore’s Monetary Authority has refined capital treatment rules and is developing AI risk management guidelines, emphasizing operational risk and fair customer dealings. Malaysia’s Governor highlighted the need for integrated policies and enhanced cyber resilience in central banking.

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[ASEAN] Regulatory Insights on Zepzelca, Resolution Planning & Rule VI Updates

Carver Agents — Tue, 31 Mar 2026 01:23:06 +0530

This episode of Carver's ASEAN Regulatory Updates delves into significant regulatory changes affecting diverse sectors including pharmaceuticals, financial market infrastructures, and digital market competition.

Key highlights include Singapore’s Monetary Authority introducing a Consultation Paper that mandates expanded recovery and resolution planning requirements along with statutory bail-in powers for capital market infrastructures, marking a substantial step towards international alignment in financial stability frameworks.

Additionally, the Health Sciences Authority’s intensified enforcement against illegal health products and reclassification of etomidate as a Class C drug underline increased regulatory vigilance on public health safety in Singapore.

In the Philippines, regulatory input is sought under Rule VI of Republic Act No. 12234 to foster competition and efficient use of digital infrastructure, signaling important market and compliance implications.

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קול קורא לשת"פ קרן סינגפור-ישראל (SIIRD) בתחום ערים חכמות

[ASEAN] Key Regulatory Developments in Digital Assets & Securities Law

Carver Agents — Mon, 23 Mar 2026 21:32:04 +0530

This podcast episode explores significant regulatory developments affecting the financial sector in ASEAN, particularly focusing on Dematerialisation, the Securities and Futures Act, restructuring, digital financial asset regulation, and business license revocations.

Key updates include the revocation of the business license of PT Tennet Depository Indonesia by the Financial Services Authority (OJK) for its role in digital financial asset depository services, requiring immediate cessation of related activities. In Singapore, the Monetary Authority of Singapore (MAS) has released consultation papers proposing a new regulatory framework for central securities depositories (CSDs) and a dematerialisation regime for listed company shares, aiming to modernize securities holding and registration processes. Additionally, MAS has imposed lengthy prohibition orders on two former relationship managers for regulatory breaches.

These regulatory actions and proposals highlight the ASEAN region's drive to strengthen financial market integrity and adapt to technological advancements in securities and digital assets.

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[ASEAN] Regulatory Insights on Market Integrity, MSME Growth & Data Sharing

Carver Agents — Mon, 16 Mar 2026 22:35:51 +0530

This episode provides an in-depth review of critical regulatory developments influencing Public Consultation, False Statement enforcement, MSME growth, Financial Reporting, and Data Sharing across ASEAN markets.

Key highlights include Malaysia’s unveiling of the Capital Market Masterplan 2026-2030, emphasizing market vibrancy and sustainability initiatives, alongside a groundbreaking Memorandum of Understanding between the Securities Commission Malaysia and the Companies Commission of Malaysia to enhance data-sharing for MSME identification and enforcement.

Further, enforcement actions in Malaysia and Singapore spotlight ongoing commitments to combat false financial disclosures and anti-money laundering compliance, illustrating the rigorous regulatory environment firms must navigate.

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[ASEAN] Regulatory Updates: Deposit Insurance, Tender Collusion & Monetary Policy Insights

Carver Agents — Sun, 15 Mar 2026 18:05:27 +0530

This episode delivers comprehensive insights into recent regulatory actions affecting multiple sectors within ASEAN, including deposit insurance administration, competition law enforcement, and monetary policy adjustments.

Listeners will learn about Indonesia's Deposit Insurance Corporation (LPS) initiating claim payments and liquidation for PT BPR Kamadana and PT BPR Suliki Gunung Mas, with detailed timelines for deposit verification and claim submissions. The episode also covers the Business Competition Supervisory Commission’s (KPPU) hearing involving alleged tender collusion in a major gas project, highlighting the importance of compliance with competition laws.

Monetary policy updates include Bank Indonesia maintaining its BI-Rate at 4.75%, while the Bangko Sentral ng Pilipinas reduced its Target Reverse Repurchase Rate by 25 basis points, influencing regional interest rate frameworks.

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[ASEAN] Key Regulatory Updates on Banking and Monetary Policy Developments

Carver Agents — Sun, 15 Mar 2026 18:05:09 +0530

This episode covers regulatory updates in Deposit Insurance, Interest Rate, Bank Liquidation, Licensing, Investor Alert List.

Highlights include the Indonesian Deposit Insurance Corporation (LPS) initiating deposit insurance payouts following the revocation of PT BPR Kamadana's license and the commencement of its liquidation process. The episode also reviews LPS's Institutional Report outlining expanded insurance policy guarantee functions.

Monetary policy updates cover Bank Indonesia maintaining key interest rates to support economic stability, while the Bangko Sentral ng Pilipinas implements a 25 basis points cut to its Reverse Repurchase Rate to encourage liquidity.

Regulatory enforcement developments from Indonesia involve the Competition Commission engaging an economic law expert in a tender collusion case, alongside upheld convictions for unlicensed capital market activities by former Jalatama officers.

The episode concludes with updates from the Investor Alert List, reflecting ongoing vigilance in the financial sector.

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[ASEAN] Key Regulatory Updates on Taxonomy, Reporting, and Cybersecurity

Carver Agents — Mon, 09 Mar 2026 20:09:35 +0530

This episode of Carver's ASEAN Regulatory Updates delves into significant regulatory changes across taxonomy, prudential reporting, capital adequacy, striking off, and regulatory sandbox sectors. Listeners will gain insight into enhanced governance frameworks, sustainability mandates, and cybersecurity standards shaping the ASEAN financial landscape.

Key updates include the Bangko Sentral ng Pilipinas raising the cash withdrawal threshold triggering enhanced due diligence and revising its regulatory reporting governance framework to ensure data integrity and timely submissions. In Malaysia, the Labuan Financial Services Authority unveiled its 2026 regulatory plan focusing on capital adequacy and embedding climate risk management within governance structures. Additionally, the Securities Commission Malaysia launched a consultation on a new, detailed Malaysia Taxonomy for Sustainable Finance aligned with ASEAN and international standards.

Singapore's Cyber Security Agency announced mandatory tiered Cyber Trust Mark certification levels for critical and non-critical infrastructure owners and auditors, with deadlines through 2026 and 2027. The Monetary Authority of Singapore issued guidelines on environmental risk management, emphasizing forward-looking transition planning for banks, insurers, and asset managers to address climate-related risks responsibly.

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[ASEAN] Cybersecurity, Health Security & Economic Growth Highlights

Carver Agents — Tue, 17 Feb 2026 22:54:30 +0530

Welcome to Carver's ASEAN Regulatory Updates.

In this episode, we delve into Singapore’s landmark multi-agency cyber operation, Operation CYBER GUARDIAN, targeting the advanced persistent threat actor UNC3886 in the telecommunications sector. This government-led effort highlights Singapore’s commitment to enhancing its cybersecurity defenses through multi-agency collaboration.

We also cover regional health security initiatives, focusing on a recent ASEAN workshop dedicated to improving pooled procurement mechanisms for emergency medical countermeasures aimed at strengthening collective preparedness for health crises.

The episode highlights the Philippines’ ASEAN travel exchange event in Cebu, which generated initial sales leads worth 1.44 billion Philippine pesos, reinforcing the country’s position as a premier MICE and tourism destination within ASEAN.

Finally, we review Malaysia’s strong economic performance in Q4 2025 with 6.3% GDP growth supported by robust domestic demand and exports. Additionally, we touch on key financial regulatory developments including the appointment of Malaysia’s first Social Exchange Platform operator.

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[ASEAN] Regional Regulators Drive Financial Stability & Innovation

Carver Agents — Mon, 09 Feb 2026 04:28:40 +0530

Welcome to Carver's ASEAN Regulatory Updates.

This episode highlights significant regulatory and institutional developments across ASEAN financial markets. The Monetary Authority of Singapore (MAS) has issued a prohibition order against an individual for forgery and unauthorized access, reinforcing consumer protection with mandatory real-time transaction alerts and clarified liability rules for fraudulent transactions.

In Malaysia, Bank Negara introduces a new operational risk reporting policy to enhance banking sector resilience. The Malaysian Climate Finance Accelerator program invites innovative low-carbon businesses to support the country’s sustainable transition.

Bank Indonesia and the Bank of Korea have renewed their bilateral currency swap arrangement, facilitating financial stability with a multi-trillion local currency exchange. They are also launching a Korea-Indonesia cross-border QR payment interlinkage service to enable seamless payments and reduce foreign exchange risks.

These updates demonstrate ongoing efforts by ASEAN regulators to strengthen financial stability, promote innovation, and protect consumers in a rapidly evolving digital economy.

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Sustainable Aviation Fuel and Regional Strategic Developments

Carver Agents — Sat, 31 Jan 2026 18:34:15 +0530

Welcome to Carver's ASEAN Regulatory Updates.

In this episode, we explore ASEAN's ambitious outlook to produce 8.5 million barrels of sustainable aviation fuel daily by 2050, reinforcing the region's commitment to cleaner energy and sustainability in aviation.

We also cover key outcomes from the ASEAN Foreign Ministers’ Retreat held in Cebu, Philippines, which officially launched ASEAN 2045 and its Strategic Plans aimed at fostering deeper regional cooperation and long-term growth.

Additionally, the Secretary-General of ASEAN hosted a farewell lunch honoring H.E. Natércia Cipriano Coelho da Silva, the outgoing Permanent Representative of the Democratic Republic of Timor-Leste to ASEAN, recognizing her contributions to regional initiatives.

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