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This week's ASEAN RegWatch covers five regulatory developments across Indonesia and Singapore — a week defined by monetary policy tightening and 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.
Covers 5 regulatory developments across Indonesia and Singapore - defined by monetary policy tightening & MAS enforcement action.
Essential listening for CCOs, payment institution compliance officers, treasury and capital markets leads, and risk officers across Indonesia, Singapore, and the broader ASEAN region.
Regulatory news, updates, and insights for countries in the ASEAN region presented by the Carver Agents team
Welcome to Carver's ASEAN Regulatory Updates for May 24, 2026.
In Indonesia, Bank Indonesia has raised the BI-Rate by 50 basis points to 5.25 percent. Alongside this, the Deposit Facility and Lending Facility rates were also increased by 50 basis points. These monetary policy adjustments come amid heightened global economic uncertainty caused by the Middle East conflict. Bank Indonesia aims to preserve financial stability and support economic growth by increasing foreign exchange intervention intensity through non-deliverable forwards, spot, and deliverable non-deliverable forwards transactions. The central bank also requires maintaining primary money growth above 10 percent. Additionally, macroprudential policies such as the Macroprudential Intermediation Ratio and Liquidity Incentive Policy will be eased and enhanced starting July and August 2026.
Furthermore, Bank Indonesia increased the yields on Bank Indonesia Rupiah Securities, or SRBI, to higher levels to counter capital outflows and attract foreign capital amid global economic pressures and rising oil prices, thereby stabilizing the rupiah and Indonesia’s financial markets.
Turning to Singapore, the Monetary Authority of Singapore, or MAS, revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd, effective May 14, 2026. This revocation prohibits Bsquared Technology from providing digital payment token services in Singapore. MAS’s enforcement action highlights the importance of regulatory integrity and risk management, particularly regarding compliance and the provision of accurate and truthful information. Bsquared Technology is required to submit a closure certificate from auditors confirming all customer monies have been properly handled. MAS also reminds entities to maintain robust risk management, conflict of interest policies, and comply with guidelines on outsourcing.
In another Singapore update, two individuals were convicted and sentenced for offences under the Securities and Futures Act involving false trading and insider trading. This enforcement action by MAS and the Singapore Police underscores the regulator’s commitment to maintaining market integrity. The convictions emphasize prohibitions against creating a false or misleading appearance of active trading, the disclosure of beneficial ownership in trades, and trading while in possession of material non-public information.
On a regional cooperation front, the World Anti-Doping Agency, or WADA, has signed a three-year Memorandum of Understanding with ASEAN. This agreement supports ASEAN Member States in implementing the updated 2027 World Anti-Doping Code and International Standards. The MoU aims to harmonize national anti-doping policies and legislation across ASEAN countries and support the operational independence of National Anti-Doping Organisations. This partnership reinforces regional collaboration to uphold sports integrity and reduce doping violations.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.