FinTech Global FS Regulatory Round-up - w/e 21 November 2025

In this edition we round up FinTech-related financial services regulatory developments for the week ending 21 November 2025.

ICYMI

• European Supervisory Authorities reveal first CTPPs under DORA
• Hong Kong SFC continues to advance ASPIRe Roadmap with latest guidance for virtual asset trading platforms
• Autumn Data Wrap: A snapshot of key regulatory developments
• EDPB's cautious opinions on Commission's plan to renew UK adequacy decisions

Global

BCBS meeting: Basel III implementation, third-party risk management, review ofcrypto standard

The Basel Committee on Banking Supervision (BCBS) has published a report on its meeting held on 18 and 19 November 2025 to review a range of initiatives. Members discussed recent market developments and the outlook for the global banking system. Among other matters, members took note took note of the implementation of the BCBS' prudential standard for banks' cryptoasset exposures. In light of recent cryptoasset market developments, the BCBS agreed to expedite a review of targeted elements of the standard. [20 Nov 2025] #Crypto

FSB: Chair's letter to G20 leaders and Riyadh plenary meeting

The Financial Stability Board (FSB) has published the letter from its Chair, Andrew Bailey, submitted to G20 leaders ahead of their 2025 Summit in Johannesburg.

Among other matters, Mr Bailey emphasised the need to accelerate progress on cross-border payments, calling for greater momentum and continued attention to national policy barriers to achieve the objectives of the G20 Roadmap for Enhancing Cross-Border Payments. He warned that, despite some improvements, the current pace is not sufficient to meet G20 goals. Looking ahead, Mr Bailey also noted that the FSB's work would include stablecoins and other forms of payment.

The FSB has also published details of its plenary meeting held in Riyadh. The plenary approved the FSB's work programme for 2026, which includes (among other matters) cryptoassets and stablecoins and payments. [20 Nov 2025] #Stablecoins #Payment

UK

TSC: Oral evidence on AI in financial services

The Treasury Select Committee (TSC) has published transcripts of the oral evidence sessions on AI in financial services that were held on 15 October and 4 November 2025.

In the October session, the TSC heard from: Jessica Rusu, FCA Chief Data, Information and Intelligence Officer; Tom Mutton, Director of Central Bank Digital Currency (CBDC) at the Bank of England (BoE); Jonathan Hall, External Member of the Financial Policy Committee (FPC); and David Geale, FCA Executive Director of Payments and Digital Finance. Discussions centred around the potential challenges and risks for UK financial services in using AI as well as the approach to AI regulation.

The November session heard from: Lucy Rigby KC MP, Economic Secretary to the Treasury; James Fairburn, HM Treasury Deputy Director of Financial Stability Strategy and Analysis; and Catherine McCloskey, HM Treasury Deputy Director of Financial Stability Strategy and Analysis. At the start of this session and before moving on to discussion AI, the Economic Secretary commented on various areas within her remit. [21 Nov 2025] #AI

SFO launches crypto scheme investigation

The Serious Fraud Office has announced the launch of its first major cryptocurrency investigation into suspected fraud, conducting two raids in West Yorkshire and London. The scheme raised approximately US$28m via two public fundraisers in November and December 2021. In June 2022, investors were informed that the project could no longer proceed as planned due to proposed new US regulations.

The SFO is appealing for investors to come forward with information about the scheme. [21 Nov 2025] #Crypto

Commons: Third reading of Property (Digital Assets etc) Bill

Following its passage through the House of Lords, the Property (Digital Assets etc) Bill has had its third reading in the House of Commons where it was passed without amendment. The purpose of the Bill is modernise UK property law by formally recognising a third category of personal property, which might be applied to digital assets. [20 Nov 2025] #DigitalAssets

Europe

ECB publishes TIBER-EU SSM Implementation Guide

The European Central Bank (ECB) has published an implementation guide for the framework for Threat Intelligence-based Ethical Red Teaming (TIBER-EU) for the Single Supervisory Mechanism (SSM). This guide sets out how the ECB adopts and implements the TIBER-EU framework for the threat-led penetration testing (TLPT) of significant institutions according to the Digital Operational Resilience Act (DORA). [21 Nov 2025] #DORA #OpRes #Cyber

EIOPA: Q&A – DORA

The European Insurance and Occupational Pensions Authority (EIOPA) has published its response, in relation to the Digital Operational Resilience Act (DORA), to:

• a question seeking clarification on whether separate and dedicated network for the administration of ICT assets refer to a physically or logically separated network; and
• a question seeking clarification on what is meant by administration of ICT assets in the context of does this refer only to manual administrative activities, or does it also include automated processes. [20 Nov 2025] #DORA #OpRes #Cyber

ECB: November 2025 Supervision Newsletter

The European Central Bank (ECB) has published the November 2025 edition of its Supervision Newsletter. This edition includes an article on AI in banking. [20 Nov 2025] #AI

EC announces simpler EU digital rules and new digital wallets

The European Commission (EC) has published a new package that includes the Digital Omnibus Regulation Proposal and the Digital Omnibus on AI Regulation Proposal. These aim to streamline rules on AI, cybersecurity and data, and are complemented by a Data Union Strategy and European Business Wallets.

The package includes:

• A proposal to link the entry into application of the rules governing high-risk AI systems to the availability of support tools, including the necessary standards. The timeline for applying high-risk rules is adjusted to a maximum of 16 months, so the rules start applying once the EC confirms the needed standards and support tools are available.
• Proposed targeted amendments to the AI Act that will extend certain simplifications that are granted to small and medium-sized enterprises (SMEs) to small mid cap companies (SMCs); broaden compliance measures; and reinforce the AI Office's powers and centralise oversight of AI systems built on general-purpose AI models.

This marks the first step in the EC's strategy to simplify and make more effective the its digital rulebook. It will now be submitted to the Parliament and the Council.

The EC has also launched the second step of the simplification agenda, with a wide consultation on the Digital Fitness Check open until 11 March 2026. [20 Nov 2025] #AI #DigitalWallets

ESAs: List of designated critical ICT third-party providers

The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) have published a list of designated critical ICT third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA). The designated CTPPs provide a range of ICT services, from core infrastructure to business and data services, to financial entities of all types and sizes across the EU. [18 Nov 2025] #DORA #OpRes #Cyber

Hong Kong

HKMA issues circular regarding the support it will provide on artificial intelligence adoption in AML/CFT

The HKMA has issued a circular to provide an update to authorised institutions (AIs) regarding the support it will provide on the use of artificial intelligence to monitor suspicious activities and other aspects of anti-money laundering and counter financing of terrorism (AML/CFT).

The HKMA notes that 48 AIs have, in response to its letter of 9 September 2024 regarding the use of artificial intelligence to monitor suspicious activities (see our previous update), assessed the feasibility of deploying artificial intelligence to strengthen the effectiveness of transaction monitoring. The vast majority agree with the HKMA on the usefulness of artificial intelligence in making money laundering and terrorist financing (ML/TF) monitoring systems more effective and risk-based.

Some AIs have replaced reliance on rules-based transaction monitoring systems by transitioning to a more holistic approach. Other AIs are implementing artificial intelligence as part of a phased approach, adopting certain use cases as building blocks to make existing processes more effective and efficient. Use cases are largely focused on risk detection and transaction monitoring alert prioritisation.

To support AIs' efforts, the HKMA plans to:

• Roll out a series of workshops covering analysis of the different approaches to innovating monitoring systems, as well as use cases involving artificial intelligence in risk detection, alert prioritisation and the use of generative artificial intelligence to compile suspicious transaction reports; and
• Organise an additional workshop focused on ML/TF risk management with respect to crypto asset-related services.

These workshops will be accompanied by follow-up support and publications providing advice and recommendations. The first workshop analysing the relative merits of adopting a holistic approach vis-à-vis a building block approach to innovating systems was held on 19 November 2025.

The HKMA will continue to track the progress of adoption and the effectiveness of AIs' transaction monitoring systems. [19 Nov 2025] #AI

FSTB and Shenzhen Municipal Financial Regulatory Bureau promulgate 2025-2027 action plan for jointly building Hong Kong-Shenzhen global fintech hub

The Financial Services and the Treasury Bureau (FSTB) and the Shenzhen Municipal Financial Regulatory Bureau have promulgated the Action Plan for Jointly Building Hong Kong-Shenzhen Global Fintech Hub (2025-2027) (in Chinese), aimed at leveraging the strengths of Shenzhen and Hong Kong in fintech and working together to establish a global fintech centre.

Key initiatives under the action plan include:

• Facilitating the establishment of fintech subsidiaries in Hong Kong by Shenzhen financial institutions;
• Supporting the two places in jointly developing fintech incubators;
• Encouraging Shenzhen technology companies to leverage Hong Kong's facilitation measures to raise funds in Hong Kong, including the Biotech Companies Listing Channel, the Specialist Technology Companies Listing Channel and the Technology Enterprises Channel;
• Encouraging Shenzhen companies to issue offshore RMB sustainable bonds in Hong Kong;
• Promoting the continued innovation of e-CNY application scenarios; and
• Supporting the joint participation by the two places in the research and application of Project mBridge.

In addition, the action plan will promote the cultivation of fintech talent in Hong Kong and Shenzhen and strengthen connections and co-operation with the industry, including facilitating the Shenzhen-Hong Kong-Macau FinTech Professional Programme, encouraging industry associations and financial institutions in Hong Kong and Shenzhen to co-organise fintech events, and enhancing co-ordination of large-scale fintech events across the two places. [19 Nov 2025] #FintechHub

Singapore

MAS: 2025 FinTech Festival winners announced

MAS and the Singapore FinTech Association (SFA) have announced the winners of the Global FinTech Hackcelerator and the Singapore FinTech Festival (SFF) FinTech Excellence Awards at SFF 2025. The Hackcelerator sought innovative and market-ready solutions to address problem statements centred on 'AI for Financial Services'. The Excellence Awards recognise innovative fintech solutions by corporates and individuals. These solutions seek to harness new technologies, create new growth opportunities, promote financial inclusion, and enhance the delivery of financial services. [13 Nov 2025] #FintechFestival #AI

Taiwan

FSC: Taskforce confirms technical feasibility validation of real world asset tokenisation

The Financial Supervisory Commission (FSC) has announced that its taskforce has completed its final (validation) reports, confirming the technical feasibility validation of real world tokenisation. The FSC has also outlined its next steps in respect of regulatory adaptation and the establishment of an real world asset token trading platform. [17 Nov 2025] #Tokenisation

US

OCC confirms banks may hold certain cryptoassets for purposes of paying cryptoasset network fees

The Office of the Comptroller of the Currency (OCC) has published an interpretive letter confirming that a national bank may pay network fees on blockchain networks to facilitate otherwise permissible activities and hold, as principal, amounts of cryptoassets on balance sheet necessary to pay network fees for which the bank anticipates a reasonably foreseeable need. The OCC also confirms that a national bank may hold amounts of cryptoassets as principal necessary for testing otherwise permissible cryptoasset-related platforms, whether internally developed or acquired from a third-party. [18 Nov 2025] #Crypto

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