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Covering PayNow, Scam, Batas Waktu Pembayaran, Human Medicinal Products, Legal Cooperation. Explore regulatory developments across PayNow scam prevention, deposit payment timelines, human medicinal product authorisation, and ASEAN legal cooperation enhancing cross-border enforcement.
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 July 12, 2026.
The Monetary Authority of Singapore, or MAS, has released a consultation paper proposing a new corporate structure called the Protected Cell Company, or PCC. This structure allows statutory segregation of assets and liabilities within a single legal entity. The PCC will be available to MAS-licensed entities for captive insurance, insurance-linked securities, and sovereign risk pools. The framework aims to provide a cost-efficient, streamlined, and flexible option that lowers barriers to entry for alternative risk transfer markets, reinforcing Singapore’s position as a leading center for insurance and risk financing innovation. Key requirements include that each PCC must have a Core and one or more Cells with segregated assets and liabilities. Initially, the PCC structure will be limited to three insurance use cases. Additionally, the Insurance Act will be amended to include PCC rent-a-captive arrangements in the definition of 'captive insurer.'
In related news from Singapore, a multi-agency enforcement operation targeted motorcyclists violating licensing, insurance, vehicular noise, and vehicle registration laws. This operation ensures compliance with traffic laws to reduce road safety risks and environmental nuisances caused by errant motorcyclists. Motorcyclists are required to hold valid driving licenses, ensure their vehicles have valid insurance coverage, and comply with vehicular noise and emission regulations.
Also in Singapore, the Association of Banks in Singapore, or ABS, has discontinued the PayNow nickname feature due to scam risks. The Monetary Authority of Singapore and ABS have confirmed that nicknames will not be permitted on a case-by-case basis to prevent impersonation scams. This measure aims to protect consumers and maintain transaction confidence and privacy. The current name display format will be maintained, with continuous review of feedback by MAS and ABS for future improvements.
Turning to Indonesia, the Indonesia Deposit Insurance Corporation, known as LPS, has completed reconciliation and verification of deposits eligible for payment following the revocation of PT BPR Kamadana's banking license. Payments will begin on July 10, 2026. Depositors have a five-year period to submit claims. There is also a 180-day objection period for depositors to contest the deposit insurance status decision. Objections must be supported by clear evidence and can be submitted via letter or through LPS’s online application. Depositors are required to present the necessary identification and documents to the paying bank.
Indonesia has also launched its forestry carbon trading ecosystem with the inaugural issuance of approximately 31 million tonnes of CO₂ equivalent. The Ministry of Environment and Forestry will issue approvals and facilitate carbon credit releases to specific permit holders and social forestry entities. The Carbon Unit Registry System, or SRUK, will be implemented to support a credible, transparent, and integrated carbon market. This initiative aims to channel investments into emission reductions and sustainable development, supporting Indonesia’s green growth and economic targets.
Finally, the Secretary-General of ASEAN delivered a keynote address at the opening ceremony of the Conference on Exchanges and Mutual Learning on Rule of Law Civilisation at the World Jurists Forum 2026. The address highlighted ASEAN’s evolving legal cooperation architecture, including the signing of the ASEAN Treaty on Extradition and the establishment of the ASEAN Prosecutors and Attorneys General Meeting. The speech emphasized enhanced regional and international legal collaboration to address transnational and emerging challenges such as cybercrime and trafficking. Strengthening legal, judicial, and law enforcement cooperation among ASEAN Member States and with external partners remains a key priority, along with the implementation and upholding of ASEAN legal instruments including the ASEAN Treaty on Extradition and Mutual Legal Assistance.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.