【德勤】2026年亚太地区金融服务业监管展望报告：颠覆时代下的韧性构建 (英文版) (74页) .pdf

ACRS 2026 Financial Services Regulatory OutlookBuilding Resilience in an Era of Disruption February 2026 Navigating the Report Click iconto navigate to the relevant section Global Foreword Asia PacificPerspective Asweenter2026,governmentsandregulatorsworldwidearerecalibratingfinancialregulationandsupervisioninpursuitoftheirownobjectives. Thisisno“bigbang”liberalisation.1Policymakersaretryingtoreconcilethreepowerful,sometimescompeting,forces:economicgrowthchallenges,rapidinnovation,andadifficultriskoutlook.Thisoutlookisincreasinglycharacterisedbyhybridrisksthatcutacrossfinancial,operational,technologicalandgeopoliticaldomains. MacroeconomicEnvironment Growthandproductivityremainmodestinmanyadvancedeconomies,withinflationlowerbutstillstickyinplaces.General-purposetechnologiesadoptedbyregulatedinstitutions,chieflyArtificialIntelligence(AI)andblockchain,promiseefficiencyandgrowthbutintroducenewrisksandvulnerabilities.Amorevolatilegeopoliticalandtradingenvironmentcomplicatescross-borderfinanceandpolicymaking.Theresultisaregulatedworldinmotion:deregulationinsomeplaces,simplificationinothers,newguardrailselsewhere,anddivergentspeedsandapproachestopolicymaking. Boardsandseniormanagementwillneedtoassesshowthesecomplexpolitical,economicandregulatoryforcesreshapetheirstrategiesandpriorities.Aclearriskappetiteshouldsteerstrategicchoicessuchasinvestment,technologyselection,andoperatingmodelsinthisunpredictableenvironment.Theimportanceofsubsidiaryboardsisalsoexpectedtogrow,asdivergingglobalrules,geopoliticalconsiderations,anddistinctmarketconditionselevatethevalueofdecisionstakenatlocallevels.Opportunitieswillundoubtedlyemerge,yetidentifyingandcapturingthemmaybeharderthanusual. GlobalForeword Asia PacificPerspective regulatoryhurdles to further growth through organic expansion oracquisitions. Thegreatregulatoryrecalibration–withinlimits Afamiliar question is back with new urgency:can regulation protectconsumersandstabilitywithouthinderinginnovationandgrowth?Nationalcompetitivenessisanexplicitpoliticalaimacrossmanyjurisdictionsandregulatorsthemselvesmayoftenbedrawnintosupportit.Inresponse,therewillbetargetedderegulationratherthananywholesalerollbacks.Theemphasisis on simplification and“right-sizing”,although with regionalvariationsinpaceandmethods. AsiaPacific(AP)authoritiesarefavouringtacticalstreamliningandtargetedinterventionstoremoveduplicationofregulations,especiallyforsmallerfirms,whiletakingameasuredapproachtotheregulationofemergingtechnologiestobalanceinnovationandrisks. MacroeconomicEnvironment Forfirms,theeffects will vary.Some changes will ease balancesheetconstraints,freeingcapitalandmanagerialbandwidthforgrowthinitiatives.Othersmaycauseburdensforinternationalfirmsas“simplification”ofandvaryinglocalapproachestoregulationswilllikelyyielddivergingcompliancerequirementsandITchangesacrossmarkets. ArtificialIntelligence &Technology TheUK’sFinancialServicesGrowth&CompetitivenessStrategyseeksto“rewirethefinancialsystemtoboostgrowth”,includingreformstoconsumerredressandbankcapitalpolicy.2,3Simplification,someofwhichamountstotargetedderegulation,isacoreEUobjectivefor2026,withtheDigitalandSustainability“omnibus”packages designed to streamline rulebooks.AsimilardynamicisclearintheEU’sAnti-MoneyLaunderingagenda.Byestablishinga EU-level supervisor and moving to a single rulebook,policymakersareseekingtosimplifyafragmentedsystem,shifting theemphasis–atleastintheory-tomoreconsistent,proportionateandeffectiveoutcomes.While some simplification initiatives may lead toregulatoryrelief,itwilllikelybeslowandselective.Overall,areassuchasdigitalassets,operationalresilience,andAIwilllikelyattractmore,notless,oversight. This [risk] outlook is increasingly characterised byhybrid risks that cut across financial, operational,technological and geopolitical domains Digital Assets FinancialCrime IntheUS,thependulumhasswungmorevisibly,ifselectively,towardsfocusedrulemakingandsupervision.Wherenewrulesemerge(e.g.,forstablecoinsunder the GENIUS Act),the aim is legal clarity and anaccommodatingposture.4SomestatessuchasNewYorkandCaliforniacontinueprogressingwithnewrules,notablyonconsumerprotectionandtheintersectionofinnovation(includingAI),evenasfederalauthoritiesshifttowardsrefining,recalibrating,orreversingexistingrules.5Divergencealsopersistsacrosssectors-insurancespecificallyremainsundersignificantsupervisorypressurewhilenewregulatoryagencyheadsacrossbankingandcapital markets regulators are laying out their priorities and areexpectedtocontinuedoingso.Whateverthepolicydirection,supervisoryremediationwillremainacentralfeatureand,insomecases,mayclear Looking Ahead Contacts Endnotes Asia PacificPerspective Mobilisingretailsavings-promiseandprudence In Focus Governmentswantdeeperdomesticcapitalpoolstofundinnovation,defence,infrastructure,andbetterretirementoutcomes.Withlimitedfiscalheadroom,thereisgrowingemphasisonharnessingretailsavingstodrivethesecriticalinvestments. TheEUispullingmultipleleverstoachievetheseobjec