FinTech Global FS Regulatory Round-up - W/e 28 November 2025

In this edition we round up FinTech-related financial services regulatory developments for the week ending 28 November 2025.

ICYMI

• Digital Omnibus: A victory for technology or commerciality?
• Cross Examining Cyber EP20: Cross Examining Dr Bruce Tonkin (CEO of auDA)

UK

FCA announces stablecoins cohort for regulatory sandbox

The FCA haslauncheda special cohort within its regulatory sandbox for firms issuing stablecoins. This is for companies to test their stablecoin products and services under the UK's regulatory regime.

Applications open on 26 November 2025 and close on 18 January 2026. [26 Nov 2025] #Stablecoin #DigitalAsset

Europe

ESMA statement: Implementation of MiCAR data standards and format requirements

The European Securities and Markets Authority (ESMA) haspublishedastatementto support the implementation of Markets in Cryptoassets Regulation (MiCAR) standards and format requirements. The publication covers several requirements intended to ensure transparency, facilitate market surveillance and allow for the comparability of information across cryptoasset market participants. [28 Nov 2025]#MiCAR #Crypto #DigitalAsset

EIOPA report: Pensions Techsprint 2025

The European Insurance and Occupational Pensions Authority (EIOPA) haspublishedasummary reportpresenting the insights from its pilot Techsprint on pension awareness. The results of the Techsprint are three proofs-of-concept targeting the needs of women, members of 'generation Z', and self-employed and gig workers. The three models are designed to encourage saving habits and improve pension outcomes through AI-driven, personalised apps. [27 Nov 2025]#Techsprint #AI

Council and EP reach agreement on payment services

The Council of the EU and the European Parliament (EP) havereachedaprovisional agreementon the new Payment Services Regulation (PSR) and on amendments to the existing Payment Services Directive (PSD2). The PSR aims to harmonise payment services and strengthen fraud prevention across the EU. It applies to payment services provided by banks, post-office giro and payment institutions, as well as technical service providers supporting payment services, and in some cases electronic communications providers and online platforms.

Amendments to the PSD2 seek to ensure fair competition among payment service providers (PSPs), by addressing authorisation and supervisory powers, and to improve access to cash, particularly in remote areas. Under the new rules, a PSP will be liable for covering customers' losses if it fails to implement appropriate fraud prevention mechanisms.

The new legislation will also introduce more transparency for ATM transactions; providers will be legally obliged to show the user all fees due and exchange rates applied before a transaction can take place. Similarly, firms providing card payment facilities to merchants will have to make clear the fees they charge for their services. [27 Nov 2025]#Payments

EP adopts resolution regarding the use of AI in the financial sector

The EP hasadoptedaresolutionlaying out their priorities regarding the use of AI in the financial sector. The resolution asks the Commission and supervisors to issue clearer, proportionate guidance rather than producing new rules. It also urges supervisory authorities to cooperate better, including through consistent interpretations, information-sharing, and cross-border coordination. MEPs also call for, among others, greater investment in AI, increasing AI literacy and reskilling, and reducing regulatory barriers for AI-based financial firms. [25 Nov 2025]#AI

EBA factsheet: AI Act – implications for the EU banking and payments sector

The EBA haspublisheda factsheet on the implications of the AI Act for the banking and payments sector. The publication summarises the key findings from the EBA's AI Act mapping exercise in respect of high-risk AI systems, which include:

• no significant contradictions have been found between the AI Act and EU banking and payments legislation;
• the AI Act is complementary to EU banking and payments sector legislation;
• applying the AI Act may involve balancing the goals of protection of fundamental rights, health and safety with the goals of other sectoral laws; and
• the co-existence of multiple authorities supervising financial entities' compliance underscores the importance of supervisory cooperation to ensure effective implementation of the AI Act.

Furthermore, the EBA sees no immediate need to introduce or review existing guidelines. In 2026/27, the EBA will undertake specific activities to support the implementation of the AI Act in the EU banking and payments sector. This includes promoting a common supervisory approach and supervisory cooperation among national competent authorities (NCAs) in charge of financial sector supervision and market surveillance authorities. [24 Nov 2025] #AI

Hong Kong

HKMA issues revised SPM modules, code of practice, disclosure templates and tables, and banking returns in relation to cryptoassets standard

The HKMA has finalised (i) the new SPM moduleCRP-1'Classification of Cryptoassets' and (ii) the revisions to the following set of SPM modules and a code of practice, which will take effect on 1 January 2026.

The HKMA has issued a revised package of standard disclosure templates and tables (seeclean/marked-up versions), which is intended to be used by authorized institutions (AIs) for making disclosures under the BDR. The revised package mainly reflects the capital standards and disclosure requirements for cryptoasset exposures, featuring a new Part XII, as well as revisions to the existing templates and tables. [28 Nov 2025] #Crypto #DigitalAsset

SFC Chief Executive Officer outlines regulatory measures for AI and digital assets at ASEAN+3 Economic Cooperation and Financial Stability Forum

Ms Julia Leung, the SFC'sChief Executive Officer, delivered akeynote speechat the Fourth ASEAN+3 Economic Cooperation and Financial Stability Forum, settingout the SFC's regulatory approach to address structural changes in financial markets.

Ms Leung highlighted several transformative forces in financial markets and regulators' adapted measures, including:

• Technology in financial services sector– Licensed firms are required to maintain robust governance and risk management frameworks for artificial intelligence (AI)and generative (GenAI), including mandatory human oversight for high-risk use cases. Hong Kong regulators are also developing the cybersecurity framework and quantum-safe infrastructure.
• Rise of distributed ledger technology (DLT) and new asset classes– the SFC is advancing a comprehensive regulatory framework for digital assets, with regimes for exchanges, advisors, asset managers and products already in place. The SFC also supports tokenisation pilots and live transactions under Project Ensemble, focusingon interoperability and investor protection.With Hong Kong's stablecoin legislation coming into effect in August 2025 (see ourprevious update), the HKMA has required reserve assets backing authorised stablecoins to be properly managed and independently audited. [25 Nov 2025]#AI #DLT #DigitalAsset #Tokenisation

HKMA outlines regulatory philosophy for GenAI

In hiskeynote speech(in Chinese) at the 2025 Cross-Strait and Hong Kong-Macao Banking Wealth Management Forum, Mr Alan Au, the HKMA's Executive Director (Banking Conduct), highlighted the HKMA's regulatory philosophy for generative AI (GenAI) and set out a four-level anti-fraud ecosystem. A summary of the speech is set out in the attachedpresentation slides.

The HKMA shared its regulatory philosophy for GenAI from the following four key aspects:

• The HKMA engages proactively and maintains a balanced approach by initiating early and ongoing dialogue with banks, ensuring that industry feedback is incorporated into regulatory requirements.
• A risk-based and technology-neutral stance is adopted, with high-level, flexible standards that prioritise responsible innovation and ethical use, rather than imposing prescriptive rules.
• The HKMA aligns its approach with international standards and draws on global best practices, including those of the OECD, FSB and FinCoNet.
• Banks are required to embed consumer protection as a core consideration at the product and service design stage. [21 Nov 2025] #AI

FSTB Secretary highlights future digital asset and fintech initiatives at Fintech Forward Forum cum 01 Fintech Excellence Awards 2025

The Secretary for Financial Services and the Treasury (FSTB), Mr Christopher Hui, delivered aspeech(in Chinese) at the Fintech Forward Forum cum 01 Fintech Excellence Awards 2025. He reviewed Hong Kong's recent fintech achievements and outlined the following key upcoming initiatives (among other things):

• The FSTB and the HKMA are jointly studying the applicability of existing laws to tokenised bonds, with details to be announced in the first half of 2026. This aims to facilitate wider adoption of tokenisation in Hong Kong's bond market.
• The HKMA's Project Ensemble has entered its pilot phase as Ensemble^TX, focusing on real-value transactions using tokenised deposits in the money market (see ourprevious update). Ensemble^TXwill continue through 2026, with progressive upgrades to support broader tokenisation use cases. The SFC and HKMA will work closely to advance practical applications of tokenisation technology in the financial sector.
• The FSTB and Shenzhen Municipal Financial Regulatory Bureau have promulgated a 2025-2027 action plan for jointly building Hong Kong-Shenzhen global fintech hub (see ourprevious update). The goal is to implement over 20 cross-border data validation platform use cases in the financial sector by the end of 2027.
• The FSTB plans to introduce a licensing regime for digital asset trading and custody service providers, aiming to submit the relevant bill to the Legislative Council in 2026. Once enacted, Hong Kong's regulatory framework will comprehensively cover key nodes of the digital asset industry.

Mr Hui also noted that the FSTB will continue to balance innovation, risk management, and investor protection, and will further refine the digital asset regulatory framework in line with international standards. [21 Nov 2025] #Fintech #DigitalAsset #Tokenisation

Singapore

MAS and ABS respond on delays in banks processing local fund transfers due to anti-scam measure

The Monetary Authority of Singapore (MAS) and Association of Banks in Singapore (ABS) havepublishedtheir response to concerns about delays in banks' processing of local fund transfers due to anti-scam measures. MAS and ABS acknowledged the concerns, and stated that banks have whitelisted some categories of transactions that are not subject to the measure, such as recurrent GIRO payments and payments to billing organisations. However, expanding the whitelist requires careful consideration to avoid the risk of exploitation by scammers. Banks will continue to refine their measures over time. [27 Nov 2025] #Payments

Malaysia

SCM announces first cohort of regulatory sandbox participants

The Securities Commission Malaysia (SCM) hasannouncedthe selection of six participants for the inaugural cohort of its regulatory sandbox. Several participants are also leveraging advanced data analytics and blockchain to enhance due diligence and introduce new operating models. Participants will be provided with a testing period of approximately 12 months to deploy and assess their proposed solutions in accordance with the defined testing parameters and requirements. [26 Nov 2025] #Blockchain #RegulatorySandbox

India

IFSCA published CP on guidelines on cybersecurity and cyber resilience for MIIs

The IFSCA haspublisheda consultation paper (CP) on guidelines on cybersecurity and cyber resilience for the market infrastructure institutions (MIIs) in IFSC. Comments are requested by 16 December 2025. [25 Nov 2025] #Cybersecurity

Taiwan

FSC releases guidelines for inclusive digital financial services

The Financial Supervisory Commission (FSC) hasreleasedits guidelines for inclusive digital financial services. The guidelines address three areas:

• providing people-centric digital financial services;
• promoting fairness and accessibility; and
• ensuring monitoring, evaluation, and continuous improvement.

Translated English guidelines are pending. [27 Nov 2025] #DigitalFinance

US

SEC Investor Advisory Committee to discuss corporate governance and securities tokenization

The Securities and Exchange Commission's (SEC's) Investor Advisory Committee willholda virtual public meeting on December 4, 2025 to discuss regulatory changes in corporate governance and the tokenization of equity securities. The Committee will also consider a potential recommendation regarding the disclosure of AI's impact on issuer operations. [25 Nov 2025]#Tokenisation #AI

SEC reschedules roundtable on financial surveillance and privacy

The SEC hasannouncedthat its Crypto Task Force's financial surveillance and privacy roundtable has been rescheduled to December 15, 2025. The roundtable will be held at the SEC's headquarters and will be open to the public. [21 Nov 2025] #Crypto #DigitalAsset

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