AGP Executive Report

Central Banking Leadership: New Zealand’s Reserve Bank has confirmed Angus McGregor as assistant governor for financial stability, a role tied directly to bank supervision, enforcement and mortgage-market lending standards. Consumer Banking Costs: Malaysia’s ATM fee waiver is now in effect for bank-owned shared-network machines; customers still charged RM1 are told to complain to Bank Negara Malaysia. Water Regulation: Scotland’s water regulator opens consultation on Scottish Water’s 2027–2033 bill caps and investment plan, proposing annual increases capped at 2% above inflation in normal cases. Corporate Finance & Dealmaking: India’s Kotak Mahindra Bank buys a Rs 9,587.62 crore loan portfolio from its subsidiary to streamline group operations. FX Market Reform: South Korea will open its FX market 24/7 and plans an offshore won trading system to move the currency toward full convertibility. Multilateral Finance: The World Bank reclassifies Sri Lanka as upper-middle income and urges Pakistan to reform the NFC Award formula to improve fiscal federalism. Africa Development Finance: AfDB pushes a new financial architecture to unlock an estimated US$4tn in African savings for investment. Tech & Fintech Funding: Meta backs Indian fintech CRED with a $900m raise, while LemFi’s FCA-approved Wealth8 acquisition expands into wealth building.

Banking & Capital Markets: New Zealand’s Co-operative Bank reported FY26 profit before rebates and tax of $11.1m, kept a 18.5% total capital ratio, and elected Nick Astwick to its board at its AGM, while also returning $1.2m more to customer-shareholders. M&A: Commerce Bancshares agreed to buy boutique investment bank Nolan & Associates to deepen middle-market and wealth offerings. Mortgage & Housing Finance: The U.S. OCC said first-lien home loan modifications rose 7.1% in Q1 as FHA/VA rule changes unwind pandemic leniencies. Corporate Finance: Onity Group completed a $70–$80m reverse-mortgage servicing rights sale to Finance of America Reverse and will stop originating reverse mortgages. Power Sector Finance: India’s PFC and REC boards approved REC’s merger into PFC, creating a government-owned power lender with an INR 11 lakh crore loan book. Policy & Development Finance: The World Bank upgraded the Philippines to upper-middle income; separately, it approved $700m for Jordan and $1.25bn for Nigeria amid debt concerns. Crypto & Regulation: Reports highlighted Trump’s 2025 crypto income disclosures, while Kerala moved cyber fraud, hawala and crypto mule-account cases to central agencies. Market Mood: Stocks slipped as investors reassessed AI winners, with chipmakers under pressure. Investor Alerts: Multiple securities-fraud class actions and lead-plaintiff deadlines were flagged, including VenHub, Astrotech, Wheels Up, Sportradar, Phreesia, and others.

World Bank Lending: The World Bank approved a $700m package for Jordan to turn macro stability into private investment, jobs, and a green/digital transition. Africa Infrastructure Finance: Uganda signed a €110.5m road financing deal with Standard Chartered, while the World Bank also backed Nigeria’s HOPE-GOV with $27m in performance-linked rewards. SME Contract Funding: Malaysia launched an initiative to boost SMEs’ access to government-contract financing via SC-regulated shariah-compliant P2P platforms under the SARANA Programme. Governance & Banking Oversight: Region Trade Bank named a new board packed with international financial-integrity and sanctions-policy leaders, signaling tighter governance focus. Markets & Policy: EU construction investment is forecast to rebound in 2026 after a 2025 dip, with civil engineering leading. Crypto & Politics: US filings show Donald Trump’s crypto-linked income surged, while the US Supreme Court struck down federal caps on coordinated party campaign spending. Corporate/Consumer Finance: Delhi notified its EV Policy 2026 with road-tax and registration exemptions for many electric cars, plus phased incentives for two- and three-wheelers.

World Bank Financing: The World Bank approved $323m in regional packages including $163m to expand Togo/Benin/Côte d’Ivoire electricity and jobs via the COSO social cohesion project, and $160m for ECOWAS-backed affordable sustainable energy (RAISE), aiming to reach 1.9m people and create tens of thousands of jobs. Anti–Money Laundering & Terror Finance: The FATF plenary added Iraq and Bosnia & Herzegovina to its grey list, removed Namibia and Algeria, and advanced risk-based supervision and private-sector information sharing; separately, the Terrorist Financing Targeting Center designated Hizballah-linked entities and senior officials, tightening access to funding. AI Infrastructure Investing: ETF flows in H1 2026 shifted from AI software to the physical stack—memory chips, power, cooling/HVAC, and data centers—while Bloom Energy’s Brookfield-backed power financing commitment jumped to $25bn, lifting shares. Banking & Rates: ASB adjusted mortgage and term deposit rates; Bank of North Dakota released its 2025 annual report with net income of $231.8m. Corporate/Market Watch: Hong Kong’s IPO boom powered by AI and hard-tech lifted first-half fundraising to a multi-year high, while Maybank Indonesia reorganized into a financial conglomerate holding structure.

Banking & Courts: India’s Calcutta High Court refused an urgent hearing on a Mamata-led TMC plea challenging the freeze of about Rs 440 crore in party bank accounts, keeping the matter on the regular listing track. Tax Administration: India’s finance ministry extended the deadline for filing appeals before GSTAT to July 31, aiming to ease pressure on the newly operational tribunal. Cyber & Compliance: Australia’s EY graduate was sacked after alleged access to Prime Minister Anthony Albanese’s Commonwealth Bank account, adding to scrutiny of Big Four insider-risk controls. Tokenization & Markets: Securitize cleared a key shareholder vote for its NYSE debut after approving a SPAC merger, positioning the firm as a pure-play in tokenized finance. Fintech Deals: Parabellum Investments agreed to acquire Crux Informatics to bolster AI-powered external data infrastructure for financial markets. Central Banking: Bangladesh Bank signaled it will likely keep its policy rate at 10% as it delays earlier easing plans amid Middle East-driven uncertainty. Digital Fraud: Nigeria’s Wema Bank suspended its Telegram presence after a rise in impersonation scams. Investment Outlook: Vietnam’s leaders unveiled a 100-year development vision to shift foreign investment toward building domestic capacity and strategic autonomy. UK Defence Spend: UK Prime Minister Keir Starmer unveiled a long-delayed £5bn drone-focused defence investment plan, with the overall settlement put around £14.5bn. Banking Risk Transfer: DBS completed a $1bn synthetic securitisation, transferring part of corporate loan credit risk to manage capital more efficiently.

Renewables Permits Crunch: A Wood Mackenzie report warns stalled U.S. wind and solar permits could put $121B of early investment at risk, with federal reviews (wetlands, airspace) slowing projects needed for rising power demand. Aerospace R&D Funding: Airbus secured a €1B EIB loan as the first tranche of a €3.4B package to back advanced aerospace research through 2030. Insurer Growth Finance: Lemonade signed a $250M business financing deal with Hannover Re to fund sales growth from 2027–2028, tied to monthly growth spending. Central Bank Policy: ECB chief Christine Lagarde defended the June rate hike as more than “insurance,” saying it was needed to prevent inflation lingering above target. Banking & Capital Markets: Live Oak Bank appointed Matthew S. Diffley as Chief Accounting Officer; Bank OZK approved a $200M stock repurchase program effective July 1. Africa Payments in RMB: China authorized Standard Bank and ICBC to jointly run RMB clearing for Africa across 19 countries, giving Standard Bank direct access to China’s onshore payment infrastructure. Nigeria Housing Finance Gap: A report says ~70% of Nigerians lack access to mortgage financing as mortgage rates remain too high, keeping the market cash-driven. Deposit Insurance Boost: Nigeria’s NDIC said 281M depositors are insured after expanded coverage and faster reimbursement reforms. Digital Finance & Fintech: X Money launched to invited users with deposit yields, cashback and P2P payments, signaling Musk’s push into financial services. ETF Innovation: Tema ETFs partnered with SemiAnalysis to build research-driven semiconductor ETFs spanning the AI and chip value chain.

AI & Chips Push: South Korea unveiled a $576bn (and related $1tn) semiconductor-and-AI investment drive led by Samsung and SK hynix, aiming to secure “overwhelming” chip supply and expand AI data centres. Central Banking Watch: Bank of England chief economist Huw Pill said scenario-based communications are making it harder for policymakers to form a collective view, warning against complacency as inflation stays above target. Market & Rates Mood: Investors weighed Middle East-driven oil volatility and upcoming central bank signals as the FTSE 100 opened lower. Banking & Fraud: West Midlands Police warned of “secure courier” scams that trick victims into handing over bank cards; Bank of Ireland also cautioned about customs-charge scam messages ahead of new July rules. Corporate Finance: Zerodha filed for SEBI merchant banking (category 1) licence to enter investment banking; Kotak Mahindra Bank shares slid after CEO Ashok Vaswani said he won’t seek reappointment beyond Dec 2026. Regulation & Markets: Sri Lanka’s CSE begins tightening trading access for long-inactive investor accounts, requiring updated KYC before trading resumes. Energy & Investment: Malaysia’s gas industry lobby urged removing the RM35 power-sector gas price cap to attract more international players. Sovereign Capital: A Bain report said sovereign wealth funds could nearly double to $30tn by 2035, with Middle East funds leading.

ASEAN Minerals Push: Malaysia is set to host AMIF 2026 in Kuala Lumpur, aiming to tighten regional cooperation on critical minerals, sustainable mining, and investment facilitation across ASEAN. Multilateral Funding for Transition: The Asian Development Bank approved up to $30m in equity for a Southeast Asia infrastructure fund backing energy transition and digital infrastructure in countries including the Philippines, Indonesia, Malaysia, Thailand and Vietnam. Anti-Scam Warning: The Philippines SEC warned the public about Empire X Capital and Astra Financial Service Group, saying they are not authorized to solicit investments and alleging guaranteed high returns via social media. Public Procurement Crackdown: Bulgaria’s finance minister said corruption-risk public procurement contracts won’t be funded and payments will face verification, including a suspended road guardrails deal over spending mix concerns. BIS on AI Finance: The BIS warned that AI-related financing is creating vulnerabilities as risk appetite grows, valuations stretch, and private credit becomes more opaque—raising the odds of a bust if returns disappoint. Stablecoin Alarm: The BIS also cautioned that stablecoin growth could fragment the monetary system and weaken sovereign control, urging faster development of tokenized central and commercial bank money on regulated rails. Investor Deadlines: Multiple securities class-action notices from major law firms flagged upcoming lead-plaintiff deadlines for investors in Microsoft, PicS N.V., and Lucid Group. Personal Finance Policy: Wisconsin signed a bill requiring high schools to teach at least one semester of financial literacy starting with the class of 2028.

FATF & AML Oversight: Qatar’s NAMLC and Financial Information Unit joined FATF plenary work in Paris, focusing on money laundering, terrorist financing, arms proliferation, and emerging risks tied to virtual assets, decentralized finance, and social-media messaging—along with updates to the grey list and fraud-prevention priorities. Monetary Policy Shift: Japan’s Bank of Japan lifted its benchmark rate to 1% (highest since 1995), signaling a continued exit from ultra-loose policy as inflation dynamics and wage growth change the outlook. Dormant Accounts Rules: The UAE Central Bank expanded a framework for dormant accounts and unclaimed funds across banks, finance firms, exchange houses, and insurers, requiring institutions to document outreach and transfer unclaimed balances to the central registry. Mutual Funds Cap Debate: India’s AMFI is preparing a fresh push to revisit the mutual fund industry’s aggregate overseas investment limit with RBI, the government, and SEBI as market conditions evolve. Retail Investing Automation: A global report says retail adoption of AI trading tools is rising—especially in crypto—while stock-market automated trading also grows. Banking & Crime: Authorities in Boonton, New Jersey, seek a suspect after an armed Chase Bank robbery netted about $12,000; investigators ask for public tips. Corporate Finance Watch: India’s top firms saw valuation gains in a holiday-shortened week, with ICICI Bank the biggest winner. Banking Security & Fraud: A Zimbabwe credit union teller was arrested for allegedly stealing about US$54,510 and attempting suicide after police moved in. Tax & Compliance Changes: India’s July 1 rule updates include ITR filing deadlines, Aadhaar email update fee waivers, and revised credit-card lounge access thresholds. Policy & Legislation: Nepal’s House of Representatives is deliberating Finance Bill 2026 with multiple amendments proposed, including education-related charges and tax-income provisions.

Islamic Finance & Women’s Protection: Bank Muamalat Malaysia launched M-Zahra Takaful MyLadies and a Digital Faraid Calculator to boost Shariah-compliant estate planning and financial literacy for women. Market Flows in Oman: Local funds increased Muscat Stock Exchange purchases to 132.1m Omani rials as prices slid, ahead of the Oman India Fertilizer Company IPO. Energy & Climate Risk: The World Bank says global gas flaring hit a six-year high in 2025, rising to 167bn cubic metres and costing about $54bn—highlighting energy waste and emissions pressure. Investor Watch (Litigation Deadlines): Rosen and Kessler Topaz flagged securities class action lead-plaintiff deadlines for Calix (July 27), Verra Mobility (Aug 4), and Commvault (July 17). Financial Literacy & Cybersecurity: Affin Bank urged stronger rural education on scams and cyber threats, partnering with regulators to spread practical guidance. Public Finance Scrutiny: Kenya’s Ndindi Nyoro apologized for missing the Finance Bill vote, while Arcadia’s council debate centered on whether spending is truly under control. Sovereign Debt Narrative: Pakistan’s central government debt growth slowed to 5% FY26-to-date, with officials stressing sustainability over headline totals. Cross-border Investment Push: The EU renewed plans to expand investment and trade with Nigeria, positioning it as a West Africa hub for European capital.

Central Banking & Markets: Central banks are buying record amounts of gold, with official holdings at the highest level since 1975 as demand accelerates after 2022—fueling price strength and signaling reserve diversification. Development Finance: The World Bank approved $1.1 billion for Bangladesh to blunt fertiliser and fuel price shocks, including $300m for emergency food security and a larger contingent response for cash transfers, livelihoods, and essential supplies. Banking Appointments & Operations: First National Bank and Trust promoted Chelsea Ballou to executive vice president, while Citizens Community Bank CEO Amy Rhoads announced retirement and handed leadership to Nathan Christensen; NRBC Bank added Shaheen Howlader as DMD and CBO. Digital Payments & Fraud: UK consumer watchdog Which? warned that “card replacement” updater services can let fraudsters keep spending even after a card is cancelled, and Kerala cyber police opened a case over forged court orders used to defreeze accounts and transfer funds. Global Finance Hubs: India’s GIFT City will spotlight its scaling IFSC activity at the Vibrant Gujarat summit, citing rapid growth in banking assets, fund management, and leasing. Regional Banking & Trade: China authorized Standard Bank and ICBC to jointly act as an RMB clearing bank for Africa, expanding offshore RMB payment infrastructure. Household Finance & Risk: A report found 51% of India’s Gen Z invest via mutual funds/SIPs but delay buying health insurance, leaving them exposed.

EU Foreign Investment Rules: The EU published Regulation (EU) 2026/1386, making foreign investment screening mandatory across the bloc for strategic sectors like digital infrastructure, energy, transport, critical raw materials and advanced tech—while keeping final deal decisions with member states. Banking & Compliance: PNC completed its conversion of about 780,000 former FirstBank accounts in Colorado and Arizona, but Western Slope customers reported access and support issues during the transition. Healthcare M&A: Novant Health officially welcomed Community Hospital of Stokes into its network, marking a major regional expansion after a 2024 selection process. Tech Spend Accountability: Info-Tech Research Group urged CIOs to adopt a structured IT financial management taxonomy to prove technology spend value amid fragmented financial data. Investor Risk & Litigation: Hagens Berman expanded its investigation into Verra Mobility after CEO David Roberts stepped down following a contract shock tied to Avis Budget Group. Global Development Finance: Ethiopia endorsed accession to the BRICS New Development Bank, and Sierra Leone secured $60m from the World Bank to expand clean electricity access. Market/Household Finance: Experts commonly suggest holding 0%–15% of portfolios in precious metals like gold, with 5% as a frequent starting point.

Capital Flows & Markets: Foreign investors pulled $5bn from India-focused offshore funds and ETFs in the March 2026 quarter, cutting assets 19.5% and dragging the Nifty 50 down 14.5%. South Korea Equities: Despite record monthly selling, foreign ownership in South Korea hit an all-time high of 35.3% as the Kospi rally lifted the value of remaining holdings. Banking & Regulation: Singapore’s MAS is creating a Future of Finance Institute to push AI and tokenisation beyond pilots, while India’s RBI moves toward easier retail bond access and draft AI rules for banks. Fraud & Consumer Risk: AIB warns of a surge in fraudulent investment ads and scam websites, with takedown requests exploding in 2026. Public Finance Scrutiny: South Africa’s PIC faces renewed scrutiny after billions in Isibaya Fund investments reportedly produced complete losses in multiple portfolio companies. Energy Investment Outlook: Morgan Stanley flags a potential $5.5tn Asia energy supercycle tied to AI and energy security, with up to $9tn across the value chain. Housing Policy: Michigan lawmakers advanced a bill to restrict large institutional investors from buying single-family homes, aiming to protect homeownership access.

Banking & Fraud Crackdown: Malaysia police arrested nine Chinese nationals tied to a forex investment scam in Wangsa Maju, seizing laptops, phones and ATM/debit devices, with suspects remanded under Penal Code Section 420. Consumer Finance & Markets: India’s Reserve Bank will let investors trade government securities via demat accounts, reducing reliance on a separate retail channel; Axis Bank also seeks shareholder approval for a ₹55,000 crore capital raise. Tech & Capital Flows: Google launched a new Android Google Finance app with AI “Key Moments,” while AWS pledged an extra $13bn for AI and cloud infrastructure in India (total $48bn to 2030). Investor Protection & Governance: Sri Lanka’s CDS will restrict transactions on dormant accounts after three years, with reactivation possible via updated KYC. Corporate/Deal News: Jadwa Investment launched two Makkah real estate funds worth up to SAR 10bn; Kuwait’s finance ministry won “Deal of the Year” for its sovereign bond issuance. Legal/Wall Street: Multiple U.S. securities class actions were filed or advanced, including against ADMA Biologics, FS KKR Capital and Graphic Packaging, with lead-plaintiff deadlines set in coming weeks.

Islamic Finance Push: TNG eWallet operator TNG Digital launched its first Islamic financing product, ASB Financing with CIMB, letting users make structured monthly commitments toward Amanah Saham Bumiputera via the app. Banking Capital Markets: Dukhan Bank issued a $500m perpetual non-call 5.5-year Fixed Rate Resettable Additional Tier 1 Sukuk at a final 6% profit rate, tightening yields and drawing heavy demand. Trade & FX Strategy: Sri Lanka signaled a shift from aid toward market access, while also strengthening trade and investment ties with China through the China–South Asia Exposition 2026. Deal Watch: IDBI Bank disinvestment momentum returned as Fairfax India Holdings submitted a revised $5bn-scale bid, with a possible completion window by September. UK Consumer Protection: The UK’s Air Travel Trust hit a record £355m after Atol Protection Contributions rose, with trustees letting a £75m overdraft lapse. Investor Legal Deadlines: Class actions were filed for Verra Mobility (VRRM), PicS (PICS) and ADMA Biologics (ADMA), each with lead-plaintiff deadlines in early August. Terror-Finance Crackdown: The US sanctioned a Lagos-based ISIS financier and multiple bureaux de change; Nigeria’s government then ordered banks to freeze assets of terrorism-linked entities. Market Signals: Gold slipped below $4,000 as a stronger dollar and shifting rate expectations weighed on precious metals. Corporate Finance: Worley shares fell after a second profit warning in two months tied to the Middle East conflict. Tech & Investment: Amazon pledged up to $48bn in India through 2030 for AI infrastructure, small business digitization and jobs.

Islamic Finance Push: Malaysia’s finance ministry says the Securities Commission is planning cross-border steps to build an Islamic finance ecosystem and attract Russian investors, including an exploratory Central Asia visit in 2026-27. Settlement Expansion: Israel’s finance minister declared 115 acres as “state land” to expand the Givat Haroeh settlement in the occupied West Bank, with new construction plans flagged. Fintech & Compliance: RegEd expanded its AI compliance assistant to cover investment adviser advertising rules under the SEC’s modernized Marketing Rule. Banking Access & Partnerships: Sharjah Airport International Free Zone signed an MoU with National Bank of Fujairah to provide account services, cash management and trade finance for free-zone firms. Retail Banking Pressure: Lloyds Banking Group confirmed hundreds of branch closures across 2026-27, adding to recent shutdowns. Crypto Tax Move: Khyber Pakhtunkhwa approved Finance Bill 2026-27, including a 5% tax on cryptocurrencies and digital assets plus higher penalties for POS/e-invoicing non-compliance. AI Meets Fraud Checks: First National Bank of Omaha said AI agents cut financial-crime investigation time by half while improving consistency on fraud, AML and sanctions alerts. AI-Driven Capital Markets: Nvidia and SpaceX helped drive a June record in US investment-grade bond sales as AI infrastructure spending accelerates. Energy Investment: Japan targets ¥370tn in public and private investment by fiscal 2040, with ¥68tn earmarked for semiconductors.