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Covering Cross-Listing, Memorandum of Understanding, Data, Bank, Mutual Recognition. Explore key regulatory developments in ASEAN covering cross-listing frameworks, mutual recognition agreements, banking sector oversight, data infrastructure enhancements, and inter-agency cooperation in financial supervision.
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 27, 2026.
The Bangko Sentral ng Pilipinas, or BSP, has issued a guidance paper addressing risks related to casino junket operations in the Philippines. The guidance outlines risk management practices and safeguards for banks and other financial institutions dealing with casino junket operators. It highlights red flags and recommends enhanced due diligence and monitoring. The BSP emphasizes that casino junket operations pose elevated risks of money laundering, terrorism financing, and proliferation financing due to their cash-intensive and complex transaction nature. Key requirements include implementing board and senior management oversight specific to casino junket operators, adopting and enhancing anti-money laundering and terrorism financing prevention programs tailored to these operators, and conducting enhanced client acceptance and identification processes with independent verification involving regulatory agencies.
In Indonesia, Lembaga Penjamin Simpanan, or LPS, is strengthening preparations for activating the Program Penjaminan Polis, or PPP, following amendments to the Financial Sector Development and Strengthening Law, known as UU P2SK. The program introduces regulatory, technological, and data infrastructure enhancements, with mandatory participation for qualifying life and general insurance companies at initial enrollment. The program excludes reinsurance, investment components in investment-linked products, credit insurance, and suretyship from coverage.
Also in Indonesia, the Otoritas Jasa Keuangan, or OJK, has revoked the Underwriter business license of PT Ekuator Swarna Sekuritas due to multiple regulatory violations. However, the company is allowed to continue operating as a Broker Dealer. PT Ekuator Swarna Sekuritas must immediately cease all Underwriter business activities, settle all outstanding obligations related to Underwriter activities, and pay all outstanding administrative fines to OJK via the OJK Revenue Information System.
LPS has also completed the first stage of deposit insurance claim payments to 1,353 customers of BPRS Hasanah Mandiri in Indonesia. These payments cover 1,516 accounts totaling over 30 billion Indonesian Rupiah after the bank's license was revoked by OJK on July 16, 2026. LPS will complete reconciliation and verification of all deposit accounts within 90 working days. Customers must present valid identification and proof of deposit ownership to the designated paying bank, Bank Syariah Indonesia KCP Depok Cinere.
The Otoritas Jasa Keuangan in Indonesia has submitted the results of a special examination of PT Dana Syariah Indonesia to the Indonesian National Police’s Criminal Investigation Agency, known as Bareskrim Polri. The examination identified assets allegedly obtained using lender funds. This follows prior supervisory actions including sanctions and special supervision status. OJK conducted the special examination to trace lender fund flows and identify assets, collecting testimony from shareholders, management, employees, and related parties before submitting findings to law enforcement authorities.
In another Indonesian update, OJK has summoned the management of Kredivo and KrediFazz to investigate alleged ethical violations in debt collection practices in Purworejo. OJK has requested internal investigations, governance reviews, and corrective actions. The companies are required to conduct thorough, objective, and documented internal investigations involving all relevant parties, report investigation results and follow-up actions to OJK, and evaluate governance of third-party debt collection providers, including selection, supervision, monitoring, and evaluation.
Dana Pensiun Bank CIMB Niaga, the pension fund of Bank CIMB Niaga in Indonesia, has been formally dissolved effective April 30, 2026. A liquidator has been appointed to manage the liquidation process. The dissolution is being carried out in accordance with prevailing laws and regulations, with public announcement of the closure.
Turning to Malaysia and Hong Kong, the Securities Commission Malaysia and the Securities and Futures Commission of Hong Kong have signed a Memorandum of Understanding to expand mutual recognition of funds and facilitate a simplified dual initial public offering listing framework. The MoU expands eligible investment products under the mutual recognition of funds scheme to include non-Islamic exchange-traded funds, leveraged and inverse products, and real estate investment trusts. It also establishes a streamlined framework for dual IPO listings between the two markets. Covered funds must meet applicable conditions set out in the MoU appendices for authorization, recognition, or approval. Covered management companies must be licensed or registered and comply with domestic laws in the host jurisdiction. Issuers seeking cross-listing must submit applications and comply with relevant requirements.
At the MoU signing ceremony, Julia Leung, Chief Executive Officer of the Securities and Futures Commission of Hong Kong, delivered remarks emphasizing that the agreement supports regional integration amid shifting geopolitical and trade dynamics. The MoU provides regulatory underpinning for cooperation between Hong Kong and Malaysian capital markets, enabling Malaysian companies to pursue primary and secondary listings in Hong Kong, and allowing Hong Kong-listed companies to list on Bursa Malaysia.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.