FinTech Global FS Regulatory Round-up - W/e 7 February 2026

ICYMI

• Cyber security: A month in retrospect and our latest podcast (Australia - January 2026)
• UK Data Protection and Privacy Reform Goes Live: What you need to know

Global

IIGCC: AI and data centres – climate and nature risks for investors

The Institutional Investors Group on Climate Change (IIGCC) has published an insights piece on how rapid AI-driven data centre expansion is reshaping sustainability considerations. The article highlights the need for a holistic, integrated investor evaluation that includes decarbonisation, nature and climate resilience.

The IIGCC plans to develop a holistic approach that spans traditional sector and asset class boundaries, with a focus on data centre operations and, potentially, construction. This work will aim to support investors through guidance, insights, engagement tools and policy‑related activity across data centre operations and related assets, working in partnership with other investor organisations globally. [5 Feb 2026] #AI

UK

SI: The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026

The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 have been made. This statutory instrument (SI) establishes a regulatory regime for certain cryptoasset activities pursuant to powers conferred by the Financial Services and Markets Act 2000 (FSMA). Among other things, the SI introduces two designated activity regimes under Part 5A of FSMA: one for public offerings of qualifying cryptoassets and admissions to trading on qualifying cryptoasset trading platforms, and another covering market abuse. It also sets out the powers of the FCA in relation to those activities.

The SI is accompanied by an explanatory memorandum and a de minimis assessment. [5 Feb 2026] #Cryptoassets

PRA: Discussion paper on data collection – future banking data

The PRA has published Discussion Paper 1/26 – Future banking data (DP1/26) which sets out its latest thinking on banking data collections with a view to pursuing a programme of pragmatic and incremental changes over the coming years. The PRA is reviewing its strategic approach to regulatory reporting for banks through the Future Banking Data (FBD) programme. The FBD programme aims to deliver tangible cost reduction for banks in line with the PRA's secondary competitiveness and growth objective, as well as improvements to the relevance, quality and timeliness of data collection.

DP1/26 outlines how the PRA uses data for supervisory, operational and policy purposes including supporting risk assessment, to confirm compliance with its rules, for peer group analysis, for financial stability monitoring, and for policy analysis, research and evaluation.

To guide the FBD programme's work, DP1/26 suggests four broad principles which build on current PRA practice:

• anchoring the data the PRA collects in its objectives;
• collecting data 'once and well' by minimising the data collected to meet its objectives but maximising its use;
• making it easier for firms to supply data; and
• ensuring the data collected remain fit for purpose over time.

Feedback on DP1/26 is requested by 5 May 2026. [4 Feb 2026] #Data

FCA speech: Innovation, growth and trust in insurance sector

The FCA has published a speech by Deputy Chief Executive Sarah Pritchard at the ABI Annual Conference. Ms Pritchard emphasised that innovation plays a crucial role in ensuring the insurance sector's success, and outlined the FCA's support to the industry in this area, highlighting the AI Lab, Sandboxes and a new Scale-up Unit. She noted that there were only 208 applicants with insurance-related proposals out of nearly 3,000 firms which have applied across the regulator's Innovation Pathways and Sandboxes. However, the sector is more successful than others in gaining acceptance – the current rate is 50% for insurance firms versus c 31% for others. [3 Feb 2026] #AI #Sandbox

FCA/PSR speech: Role of FCA and PSR in delivering NPV

The FCA has published a speech by David Geale, Payment Systems Regulator (PSR) Managing Director and FCA Executive Director of Payments and Digital Finance, at the Payments Regulation and Innovation Summit 2026. Mr Geale outlined the collaborative work between the FCA and the PSR in delivering the National Payments Vision (NPV). He highlighted that the Payments Vision Delivery Committee (PVDC) is expected to release the Payments Forward Plan within the coming months. The Plan will set out a sequence of initiatives in both retail and wholesale payments, as well as certain aspects of digital assets. [2 Feb 2026] #Payments #AI #Stablecoins #SuperchargedSandbox

PRA speech on the evolving market landscape – principal trading firms

The PRA has published a speech by its Executive Director for Authorisations, Regulatory Technology and International Supervision, Rebecca Jackson, at an event hosted by the Association of Foreign Banks. Ms Jackson discussed how rapid technological advances are reshaping financial markets and highlighted the growing importance of specialist electronic market makers and liquidity providers (known as principal trading firms) which create both opportunities and competitive challenges for traditional banks. She also noted the PRA's support for innovations where banks' risk management and controls keep pace. [2 Feb 2026] #GenAI #AI #Quantum

BoE speech: Future of retail payments

The Bank of England (BoE) has a published a speech by its Deputy Governor for Financial Stability Sarah Breeden at the City & Financial Payments Regulation and Innovation Summit 2026. Ms Breeden discussed how the BoE is developing, in partnership with industry, the design of the UK's next‑generation retail payments infrastructure, while also supporting private sector innovation in the interim.

Ms Breeden discussed several improvements that UK authorities expect next-generation retail payments to provide for users and touched on the work of the regulators in driving responsible innovation in wholesale payments and settlements. [2 Feb 2026] #Payments #Tokenisation #Stablecoins #DigitalPound #CBDC

BoE announces retail payments engagement forums

The BoE has announced that, as part of its work on the NPV under the Retail Payments Infrastructure Board (RPIB), it is convening three new forums to ensure it is capturing a broad range of experiences, expertise and knowledge in the development of next generation retail payments infrastructure.

The BoE will shortly be inviting nominations to join the following three forums: the Payments End User Forum; the Payments Innovation Design Group; and the Payments Academic Advisory Group. [2 Feb 2026] #Payments #CBDC

Europe

EBA: DORA-related Q&As

The European Banking Authority (EBA) has published questions and answers (Q&As) in relation to the Digital Operational Resilience Act (DORA) concerning:

• the classification of phishing-attacks as a reportable major ICT-related incident;
• the types of 'telephone services' included under the definition of 'ICT services'; and
• the public authorities exemption. [6 Feb 2026] #DORA

ESMA: Programming document 2027-29

The European Securities and Markets Authority (ESMA) has published its programming document for 2027-29. Among the key areas which ESMA will cover are: cryptoassets and DLT and the Digital Operational Resilience Act (DORA). [5 Feb 2026] #GenAI #AI #Cryptoassets #MiCAR #DLT #DORA

AMLA: Single programming document 2026-28

The Anti-Money Laundering Authority (AMLA) has published its single programming document for 2026-28, which provides an overview of scheduled mandates for 2026 and AMLA's strategic objectives across three core deliverables: completing the Single Rulebook, advancing supervisory convergence, and strengthening cooperation among financial intelligence units.

AMLA is also scaling its organisation to support effective delivery by growing its workforce, developing IT infrastructure, and putting in place the structures needed to fulfil its mandate. Staff numbers are expected to grow from 120 at the end of 2025 to 432 by the end of 2027. [4 Feb 2026] #Cryptoassets #MiCAR

EIOPA: GenAI market survey – outlook, use cases and risk management

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the use of generative AI (GenAI) across Europe's insurance sector. The report – based on responses from 347 undertakings across 25 countries – provides insights into the current state of GenAI adoption, the opportunities and risks the technology brings and the challenges undertakings face in implementing it.

Key findings of the report include:

• GenAI adoption is widespread and growing rapidly – 65% of insurance undertakings are already actively using GenAI systems, but the majority of use cases are at a proof-of-concept stage, highlighting its growth potential;
• efficiency is the main driver – insurers are primarily adopting Gen AI systems to enhance the efficiency of internal processes and reduce costs, followed by enhancing customer interactions and improving decision-making;
• privacy, regulation, and talent are the key barriers – data privacy and security concerns, regulatory compliance (such as the GDPR), and a lack of skilled talent are the most significant reported challenges to implementation; and
• focus is primarily on back-office operations – 64% of the reported use cases are for internal back-office applications (eg, productivity tools, coding assistants, agent support) compared to 36% for customer-facing applications. [3 Feb 2026] #GenAI #AI

Hong Kong

SFC convenes third Digital Asset Consultative Panel meeting to discuss forthcoming regulatory developments

The SFC has convened the third meeting of the Digital Asset Consultative Panel, bringing together SFC‑licensed virtual asset trading platforms (VATPs) to discuss forthcoming regulatory developments for digital assets in Hong Kong. This follows the second meeting which was held in July 2025 (see our previous update).

The participants of the meeting discussed initiatives aimed at strengthening the digital asset ecosystem, including regulatory measures to enhance the liquidity of licensed VATPs and to expand the range of product and service offerings. The SFC reaffirmed its commitment to balancing innovation with robust investor protection and to maintaining close engagement with industry stakeholders. [6 Feb 2026] #DigitalAsset

SFST outlines forthcoming initiatives to enhance Hong Kong's position as leading fixed income and currency hub

In his written reply to questions raised by Hon Robert Lee in the Legislative Council, Mr Christopher Hui, Secretary for Financial Services and the Treasury (SFST), outlined a number of forthcoming regulatory and market initiatives aimed at further consolidating Hong Kong's position as a leading fixed income and currency hub, in line with the SFC‑HKMA Roadmap for the Development of Fixed Income and Currency Markets announced in September 2025 (see our previous update). Among these are:

• To enhance the attractiveness and demand for tokenised bonds, the HKMA is exploring secondary market applications of tokenised bonds, which include using digitally native bonds and tokenised versions of existing bonds as collaterals for repo financing. Results of the study will be announced in due course. The Government is working with the HKMA to review the current legal regime and identify potential enhancements.
• The HKMA is assessing whether the current form of tokenised bonds can meet the needs of retail investors. The Government and regulators will continue to engage with the industry to explore how tokenised bonds can be effectively and suitably applied at the retail level. [4 Feb 2026] #Tokenisation

HKMA publishes Fintech Promotion Blueprint to foster responsible innovation and fintech advancement under Fintech 2030

As part of its Fintech 2030 strategy (see our previous update), the HKMA has published a Fintech Promotion Blueprint setting out a tactical framework to foster responsible innovation and advance fintech development in the banking sector.

The blueprint covers five key technology enablers and foundations, namely (i) artificial intelligence (AI), (ii) distributed ledger technology (DLT), (iii) high performance computing, (iv) data excellence and (v) cyber resilience. To support this, the HKMA will focus on three strategic dimensions – technological advancement, ecosystem collaboration, and talent and outreach.

In the coming months, the HKMA will launch four flagship projects:

• Quantum Preparedness Index: The HKMA will develop this index to assess the readiness of the banking sector for Post-Quantum Cryptography. The index will offer a comprehensive current-state analysis and serve as a measurable target for the next few years. 
• New Risk Data Strategy: The HKMA will implement this strategy designed to enhance the data management capabilities of banks, enabling them to more effectively leverage complex structured and unstructured data for advanced analytics. These capabilities will also support the expansion of the HKMA's Granular Data Reporting initiative, strengthening the agility of risk management and banking supervision.
• Fintech Cybersecurity Baseline: The HKMA will work with industry experts to establish a new, standardised, industry-led Fintech Cybersecurity Baseline for fintech solution providers partnering with banks, focusing on specific novel applications of AI and DLT.
• Competency development support: The HKMA will work with the industry to provide practical guidance to enhance the skills of general fintech users, focusing on 'human-machine interaction' capability aimed at establishing a clear view of the skills required for the advanced applications of AI and DLT in the next generation of financial products and services.

The Blueprint also introduces a series of activities to address the key challenges to further fintech advancement, as identified in the Tech Maturity Stock-take (see our previous update). These initiatives include FiNETech events, responsible innovation competitions, a revamp of the Fintech Connect matching platform and practical workshops. [3 Feb 2026] #AI #DLT #Quantum #Cybersecurity

Malaysia

SCM publishes Practice Note on Offering of Broking Services for Digital Assets

The Securities Commission Malaysia (SCM) has published Practice Note on Offering of Broking Services for Digital Assets. The Practice Note is issued pursuant to the Capital Markets and Service Act 2007, and is applicable to capital market services licence (CMSL) holder for dealing in securities and CMSL holder for dealing in securities restricted to listed securities. SCM has also published Appendix 1 - Declaration on System and Operational Readiness. [30 Jan 2026] #DigitalAssets

US

SEC speech: AI and the future of investment management

The SEC has published the remarks delivered by Brian Daly, Director – pision of Investment Management, at the Investment Company Institute (ICI) Winter Board Meeting. Mr Daly made observations on AI adoption by the investment management industry and also noted that concerns about liability have been raised with the pision. He explained that the pision was keen to engage with the industry as the SEC works to facilitate innovation while also ensuring investor protection. [3 Feb 2026] #GenAI #AI

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