All notes

Vietnam • Oct 21, 2025

9M25 call points to an affiliate-led digital-asset operator route

Techcombank's October 2025 earnings call tied any future digital-asset participation to TCBS or a new subsidiary, aligning the bank with Vietnam's licensed crypto-asset operator model.

Saudi Arabia • Oct 7, 2025

Saudi Arabia’s Muqassa turns broader collateral eligibility into the next phase of repo-market buildout

Muqassa’s October 2025 annual-report disclosure shows Saudi repo infrastructure moving from limited collateral settings toward broader government bond/sukuk eligibility, non-SAR cash support, and a tri-party repo agenda.

Saudi Arabia • Oct 7, 2025

Saudi Arabia's Edaa is expanding from depository utility into fund-distribution and debt-servicing infrastructure

Saudi market infrastructure is widening beyond safekeeping into mutual-fund distribution, debt-market omnibus custody, and broader servicing through Edaa Connect and adjacent post-trade services.

Cambodia • Sep 25, 2025

National Bank of Cambodia's Bakong scale now reads as settlement infrastructure

How the National Bank of Cambodia's September 2025 Bakong scale disclosure reframes Cambodia as national settlement infrastructure for institutional readers.

Vietnam • Sep 10, 2025

Vietnam Resolution 05 turns foreign-investor crypto-asset access into a single-bank VND control lane

Vietnam Resolution 05 requires one dedicated VND account per foreign investor and makes crypto-asset services VND-only and Ministry of Finance-licensed.

Singapore • Aug 25, 2025

OCBC Bank’s digital US commercial paper programme makes tokenised debt a live USD funding lane

OCBC Bank’s 25 August 2025 launch of a US$1 billion digital US commercial paper programme.

United Arab Emirates • Jul 31, 2025

Central Bank of the UAE turns the Digital Dirham into a launch-adjacent settlement signal

How CBUAE's July 2025 Digital Dirham package changes the market read from CBDC exploration to disclosed operating design.

Saudi Arabia • Jul 9, 2025

Saudi fund access and debt disclosure now move together under CMA's July 2025 package

Why CMA's July 2025 investment-funds package should be read as linked market-access and reporting-discipline reform across Saudi fund distribution and domestic private debt.

United Arab Emirates • Jul 3, 2025

Abu Dhabi Securities Exchange turns UAE tokenized debt into an exchange-infrastructure story

Abu Dhabi Securities Exchange's July 3, 2025 digital bond announcement, with the analysis centered on exchange-layer post-trade integration, CMU and ICSD access, and the distinction between credible market plumbing and unproven market maturity.

Cambodia • Jun 26, 2025

ABA Bank’s ABA Business launch surfaces the control stack behind corporate money movement

ABA Bank’s June 2025 ABA Business rollout in Cambodia exposed approval tiers, ERP-linked Host-to-Host instructions, virtual-account receivables separation, and reconciliation controls relevant to bank-led treasury operations.

United Arab Emirates • Jun 16, 2025

DFSA’s June 2025 tokenisation sandbox update points the DIFC toward tokenised bonds, sukuk, fund units, trading, and custody

DFSA’s June 2025 tokenisation sandbox progression, framed as an investment-token market-structure signal for the DIFC.

United Arab Emirates • May 19, 2025

VARA's FRVA rules make Dubai stablecoin issuance an approval regime with a hard AED boundary

VARA's 19 May 2025 FRVA rules require prior approval for each issuance, exclude AED-referenced instruments to CBUAE, and confine FRVAs to virtual-asset-ecosystem use.

Cambodia • Feb 12, 2025

Cambodia's Non-Bank Financial Services Authority turns fintech strategy into a supervisory-systems buildout

Cambodia's February 2025 FSA non-bank fintech plan is notable because it converts broad policy language into named supervisory, reporting, disclosure, licensing, and implementation systems.