5 September 2025 Peiying Chua Heikes Banking - Business Crime - Financial Regulation - Fintech

Asia Financial Regulatory Update - September 2025

Hong Kong SAR

Fintech

Stablecoin regime takes effect: The stablecoins licensing and supervisory regime came into effect on 1 August 2025. Read more on our blog post.

SFC and HKMA warn on stablecoins: The regulators issued a joint warning to the public and the market regarding the volatility around stablecoins, and cautioned firms against making claims regarding their stablecoin licensing plans that could mislead investors.

SFC’s VATP custody guidance: The SFC published a circular elaborating on how virtual asset trading platforms (VATPs) should custody client assets. The circular specifies minimum standards for addressing identified vulnerabilities. This guidance will form the SFC’s core expectations in the future virtual asset custody services regime. 

Banking

Updated HKMA Supervisory Policy Manual on corporate governance: The updated CG-1 “Corporate Governance of Locally Incorporated Authorized Institutions” took effect on 1 August 2025. The changes are intended to minimise conflicts of interest for senior management holding positions outside the bank.

Stress-testing Supervisory Policy Manual Consultation: The HKMA has published a consultation on IC-5 “Stress-testing” which closes on 30 September 2025. Proposed amendments include updated stress-testing principles from the Basel Committee.

Singapore

Banking

Consultation on proposed guidelines on liquidity risk management for banks: The Monetary Authority of Singapore (MAS) is seeking feedback on their proposed Guidelines on Liquidity Risk Management for banks, merchant banks and finances companies in Singapore. Read more on our blog post.

Payments

MAS conducts investigation into Tokennize Xchange: The Commercial Affairs Department is investigating AmazingTech Pte Ltd and its affiliates, which operated Tokenize Xchange, after receiving complaints regarding delays in processing withdrawals of funds and digital payment tokens. Read more on our blog post.

Enforcement Actions

MAS issues Prohibition Orders against 3 individuals: MAS has issued Prohibition Orders against three individuals under the Financial Services and Markets Act 2022 for unauthorised access to customer information. Read more on our blog post.