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Labuan Financial Services Authority (Labuan FSA) received an accolade the BrandLaureate Brand of the Year Awards 2022 when it was awarded with “The BrandLaureate e-Branding BestBrands Award for Fintech Islamic Financial Services”. At a glittering Awards Gala held at the Majestic Hotel on Wednesday, 7 December 2022, the Director General of Labuan FSA, Mr Nik Mohamed Din Nik Musa was presented the award by the Guest-of-Honour Tan Sri Rainer Althoff and Dr. KK Johan, World President of The BrandLaureate Awards. The award is in recognition of Labuan FSA’s contribution towards the advancement of Islamic finance, particularly in relation to the initiative to promote Labuan as an Islamic Digital Asset Centre (IDAC) as embedded in the Labuan IBFC Strategic Roadmap 2022- 2026.

The Labuan Islamic Digital Asset Centre or IDAC was unveiled in October 2022, making available virtual listing using blockchain technology to enable global investors who are looking for new asset classes including Shariah compliant digital investment products, to use Labuan IBFC. The Shariah compliant products are in the form of securities token offerings which are issued by corporates looking to raise funds and securitise their assets and traded at the exchange. In pursuit of Labuan’s aspiration as Asia’s Islamic finance centre, Labuan FSA has issued the Guidance Note on Issuance of Green, Social and Sustainability Sukuk, and will in the near future rollout the relevant guidelines on digital assets and RAMZ (Arabic term for token), to further strengthen the governance of the centre. This is in line with the Strategic Roadmap that anticipates Labuan IBFC to play a more significant role as a fund raising and investment hub in the global digital space, with a niche in ESG and Shariah compliant activities.

Mr. Nik Mohamed Din said, “Labuan FSA is honoured to receive the BrandLaureate eBranding BestBrands Award for Fintech Islamic Financial Services”. This award recognises and reaffirms Labuan FSA’s efforts and commitment to promote IDAC. Earning the award is also a collective reflection of the achievement of Labuan IBFC industry to expand and innovate Shariah finance business.

Labuan’s role in Islamic finance is gaining in traction underpinned by the comprehensive infrastructure that supports and accords certainty as well as integrity for Shariah-based structures. Started with only two Islamic banks in year 2000, the number grew to 19 Islamic banks including windows with a total Islamic banking asset in excess of USD1.9 billion as at Q2, 2022. Similar trend is observed in the retakaful sector where the number of operators increased from 3 to 29 from year 2000 to June 2022, and the re-takaful contribution stood at USD59 million as of the first half of 2022. Labuan FSA will continue to provide thought leadership and formulate strategic policy to enhance Labuan as an Islamic Digital Asset Centre or IDAC for Asia and beyond. Labuan Financial Services Authority 8 December, 2022


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Expressions of Interest for Director of the European Bank for Reconstruction and Development




The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

The post Expressions of Interest for Director of the European Bank for Reconstruction and Development appeared first on HIPTHER Alerts.

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Council adopts regulation on instant payments





The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.


This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets





The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global


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