Welcome to this week's global fintech round-up, summarising fintech regulatory developments that have happened around the world along with our Clifford Chance fintech publications and upcoming events.

Details of these and previous developments can also be found on our Fintech Topic Guide on the Clifford Chance Financial Markets Toolkit.

GLOBAL LEGAL AND REGULATORY UPDATES, INDUSTRY GUIDANCE AND PUBLICATIONS

INTERNATIONAL

• (13 Oct 2025) Letter from Financial Stability Board (FSB) Chair Andrew Bailey to G20 finance ministers and central bank governors ahead of their meeting on 15-16 October 2025. | Press release | G20 Implementation Monitoring Review Interim report
• (10 Oct 2025) FSB report looking at how authorities are monitoring the adoption of artificial intelligence (AI) and related vulnerabilities in the financial sector. | Press release
• (10 Oct 2025) Bank for International Settlements (BIS) report which examines how central banks, financial regulators and supervisory authorities are using AI for policy purposes. 
• (9 Oct 2025) FSB consolidated progress report for 2025 on the actions taken by the FSB, the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) and other partner organisations under the G20 Roadmap for Enhancing Cross-Border Payments. 

APAC

Australia:

• (8 Oct 2025) Australian Treasury exposure draft of proposed legislation for a new regulatory framework for payment service providers. Deadline for comments: 6 November 2025.

Hong Kong:

• (13 Oct 2025) The Legislative Council has released the latest issue of its "Policy Pulse" newsletter on the latest developments in fintech and digital assets in Hong Kong. | Press release

Singapore:

• (9 Oct 2025) Monetary Authority of Singapore (MAS) response to the feedback it received on its March 2025 consultation on amendments to the standards relating to the regulatory framework for capital and large exposures for Singapore-incorporated banks and the regulatory framework for liquidity for banks in Singapore. In respect of the prudential treatment and disclosures of cryptoasset exposures, the MAS will defer implementation to 1 January 2027 or later, and provide updates on the final cryptoasset standards and implementation date in due course. In the interim, until the implementation date of the cryptoasset standards, banks with existing or proposed cryptoasset exposures will be required to notify and engage with the MAS on the appropriate prudential treatment for such exposures. Banks are also expected to apply a prudential treatment for their cryptoasset exposures that is substantially aligned with the provisions set out in the March 2025 consultation paper.
• (3 Oct 2025) The Association of Banks in Singapore (ABS) has announced that, with effect from 15 October 2025, major retail banks (namely, DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered) will implement enhanced fraud surveillance on all digital transactions to further protect customers from scams. | Press release
• (29 Sep 2025) The MAS, in collaboration with DBS, HSBC, OCBC, UOB, SPTel and SpeQtral, has completed a proof-of-concept sandbox to evaluate the use of Quantum Key Distribution (QKD), which is a secure communication method for exchanging cryptographic keys only known between shared parties, for secure communications in the financial sector. This follows the signing of a memorandum of understanding between the parties in August 2024 to explore the technical viability, effectiveness and applicability of quantum-safe technologies in financial services, as well as the Post-Quantum Cryptography experiment with Banque de France in 2024. | Sandbox Report | Press release

EUROPE

EU:

• (10 Oct 2025) European Central Bank (ECB) paper on recent assessments of digital euro investment costs for the euro area banking sector. | Technical annex with data on the financial stability impact of the digital euro | Letter from ECB Executive Board member Piero Cipollone to ECON Chair
• (10 Oct 2025) The European Banking Authority (EBA) has published two opinions in response to the EU Commission’s amendments relating to the draft regulatory technical standards (RTS) specifying the composition and liquidity requirements of the reserve of assets under the Markets in Cryptoassets Regulation (MiCA). The EBA considers that the Commission's proposed substantive amendments are not consistent with the prudential framework established by MiCA. | Press release | Opinion on RTS to further specify the liquidity requirements of the reserve of assets | Opinion RTS to specify the HLFI with minimal market risk credit risk and concentration risk
• (9 Oct 2025) EBA report on tackling money laundering and terrorist financing (ML/TF) risks in cryptoasset services, including issuance, trading, and service provision. | Press release

Netherlands:

• (6 Oct 2025) De Nederlandsche Bank (DNB) has published new data indicating robust growth in lending via Dutch fintech platforms, with total outstanding loans reaching EUR 4.4 billion by the end of 2024, a 27% year-on-year increase. The majority of this growth was driven by small and medium-sized enterprise (SME) financing, which rose by EUR 0.7 billion to EUR 3.2 billion.

UK:

• (14 Oct 2025) Financial Conduct Authority (FCA) consultation (CP25/28) on its proposed new rules for fund tokenisation and direct-to-fund dealing. Deadline for comments: 21 November 2025 and 12 December 2025 for comments on future tokenisation models. | Press release
• (13 Oct 2025) FCA press release on a new industry partnership to accelerate delivery of open finance and two tech sprints focusing on mortgages and finance for SMEs respectively.
• (10 Oct 2025) The Digital Regulation Co-operation Forum (DRCF) has announced the launch of a Thematic Innovation Hub and issued a call for views on the regulatory challenges associated with the adoption of Agentic AI, i.e. AI systems capable of autonomous decision-making and initiating actions without direct human prompts. Deadline for comments: 6 November 2025. The DRCF has also published a paper on laying the foundations for cross-regulatory innovation support, which explores key insights from the DRCF AI & Digital Hub pilot. | Press release
• (9 Oct 2025) HM Treasury has published the terms of reference for the Dematerialisation Market Action Taskforce (DEMAT), which has been set up to take forward reforms to the UK’s shareholding framework.
• (8 Oct 2025) HM Revenue & Customs (HMRC) policy paper on the tax treatment of cryptoasset Exchange Traded Notes (cETNs) following changes to Financial Conduct Authority (FCA) rules from 8 October 2025, which allow retail investors to access these products. The update outlines how cETNs can be held within ISAs and registered pension schemes, and explains the transitional arrangements for Individual Savings Account (ISA) managers. 

MIDDLE EAST

Dubai

• (1 Oct 2025) Dubai Financial Services Authority (DFSA) consultation paper on enhancements to the regulation of crypto tokens. Deadline for comments : 31 October 2025.

EVENTS

• Global Financial Markets Perspectives Series: Beyond the buzz – smart strategies for AI-driven deals (online, 6 November 2025): As artificial intelligence becomes a more frequent driver of deal value, investors and dealmakers are re-thinking how they assess and negotiate transactions. From concerns around AI washing to the rise of acquihires – where companies are bought primarily for the skills of the employees – market dynamics and regulatory concerns are shifting. Our panel will discuss the legal and regulatory developments that could have an influence on AI-oriented business models and provide practical insights on maximising value in AI-driven M&A and investment. | To register, please see the event series registration form