AGP Executive Report

Big Bank Earnings Watch: JPMorgan kicked off US earnings season with a record-style quarterly profit, setting the tone for how global markets read bank health. Digital Banking Push: Banks are accelerating agentic AI and digital assistants to boost productivity, while KPMG says many are already piloting AI agents. Retail Banking Awards: Bahrain’s National Bank of Bahrain (NBB) won Euromoney’s Best Retail Bank, citing customer-centric digital and savings initiatives. Fee Pressure & Inclusion: Philippine banks waived transfer fees after BSP rules on fair pricing for digital person-to-person transfers, aiming to protect customers while keeping volumes up. Regulation & Compliance: The SEC amended private fund rules to tighten disclosure clarity and conflicts reporting, effective mid-July. Stablecoin Rule Uncertainty: US agencies missed a GENIUS Act deadline for final stablecoin rules, leaving issuers facing regulatory uncertainty. Digital Banking Expansion: Albania’s Jet Bank secured a full banking license from the Bank of Albania, paving the way for the country’s first digital bank model. Customer Cost Shifts (UK): Barclays scrapped its investment holding fee, while Santander will stop sending annual fee statements, pushing customers to check costs online. Banking Sector Profit Headwinds (Zimbabwe): Zimbabwean banks’ profits fell sharply as exchange-rate revaluation gains faded, forcing more reliance on core lending and fees.

Nigeria Monetary Policy Watch: The Chartered Institute of Bankers of Nigeria expects the CBN to keep the Monetary Policy Rate at 26.5% as the MPC weighs inflation that hasn’t shifted enough to justify cuts. India Banking Outlook: Ashika Institutional Equities sees FY27 earnings momentum from ~15% credit growth, improving deposits and clean asset quality, with a potential boost from the FCNR(B) window. RBI Holiday Reminder: India’s banks shut for up to three days this week, with Sundays closed in line with the RBI calendar while online services keep running. Iraq Banking Access: Seven Iraqi banks cleared to return to non-dollar correspondent channels after meeting compliance and governance steps, with dollar access tied to further reforms. Cybercrime & Fraud: India’s “Boss Scam” highlights how impersonating executives can drain corporate funds via fake transfer instructions, prompting fresh warnings. Crypto Policy & Markets: U.S. stablecoin rules under the GENIUS Act missed a July 18 deadline, while Bitcoin eyes $66K resistance as short-term holder supply clusters. Digital Banking & Payments: Libya plans to connect commercial banks to China’s CIPS to simplify yuan transfers and reduce dollar reliance. Regulation & Consumer Protection: France orders ISPs to block Polymarket as an illegal gambling site, citing continued access via the site’s odds pages. Community Banking Pressure: Nigeria revokes 46 microfinance bank licences, signaling tougher conditions for smaller lenders.

Consumer Credit Rules Tighten: Russia’s Federation Council approved amendments requiring banks to disclose full product and service information, with the new rules starting Sept. 1, 2027. Stablecoin Deposit Risk: ECB board member Piero Cipollone warned stablecoins could siphon retail deposits from banks, forcing costlier funding and potentially higher lending rates. UK Mortgage Hit: Nationwide and Barclays (plus Virgin Money and Co-op Bank) raised mortgage rates by up to 0.35 percentage points, reversing June’s declines. Branch Closures: Lloyds Banking Group plans more West Midlands branch shutdowns across 2026-2027 as customers shift to digital and phone banking. Cyber Fraud Alert: A Trinidad and Tobago businessman says an alleged online banking hack cost him $1.3M, with part recovered and an investigation underway. Digital Assets in Banking: Bank of America named new leaders for global digital assets and AI transformation, reflecting a broader Wall Street push. MENA Ratings: First Abu Dhabi Bank retained top MENA credit standing with stable outlooks after Moody’s, S&P and Fitch affirmations. India Banking Hours: Most Indian banks stay open on July 18 (third Saturday), except Sikkim for Drukpa Tshe-zi.

Crypto Risk-Off: Bitcoin slid below $63,000 as tech stocks weakened, pushing traders to watch support near $61,500. SEC Disclosure Shift: The SEC’s e-delivery plan could change how investment disclosures reach investors, with knock-on effects for crypto funds. Crypto Regulation Politics: A SEC-CFTC commodity stance and a CLARITY Act hearing in New York keep the US crypto rulebook in the spotlight, with DeFi “safe harbors” still a key question. Banking Regulation & Capital: Brussels proposed easing EU bank capital rules, while the ECB warned stablecoin growth could erode euro bank deposits. Payments Modernization: Kazakhstan launched a unified interbank QR system for phone-number transfers, and Zambia upgraded to real-time digital payments, phasing out cheques. Banking Sector Moves: FAB’s top-tier credit ratings were affirmed; Truist named Mike Lyons as CEO successor; Citizens plans to close 100–120 branches for smaller, advice-heavy locations. RBI Rules on Stressed Assets: India’s RBI barred banks from selling recovered stressed assets back to defaulters and tightened data governance expectations. Crypto Market Infrastructure: Kraken updated borrow mechanics, expanded options, and added valuation tools for illiquid holdings; Dash activated its Orchard privacy system.

Regulatory Oversight: US Judge Nicholas Garaufis flagged contradictions in the Justice Department’s bid to drop charges in the Adani $250m bribery case, ordering a sworn clarification from the US attorney. Banking Sector Performance: Kenya’s lenders posted record Q1 returns, with profits up 13.6% despite CBK rate cuts, as banks cut funding costs and boosted non-interest income. Earnings Watch: India’s midcap private banks led with double-digit gains in the June quarter, while investors also track RBI-driven foreign currency deposit moves ahead of major bank results. Data & Consumer Protection: India’s TRAI clarified that calls from the 1600-series for regulated entities can’t be tagged or blocked as spam, aiming to improve legitimate borrower contact. Digital Banking Moves: Commercial Bank of Dubai launched “UP by CBD,” a mobile platform for micro and small businesses to open accounts and access credit. Crypto Payments & Policy: Visa rolled out the Visa Stablecoin Platform with Open USD support, letting institutions issue, store, transfer and redeem stablecoins via a single system.

RBI Rules: India’s central bank bars lenders from selling recovered immovable assets back to the borrower or related parties and caps disposal of “specified non-financial assets” at seven years, pushing banks toward public auctions and tighter valuation. UPI Fees: The government is considering bringing back UPI merchant fees for large businesses, a move that could shift costs from small shops to bigger retailers. Data Governance: RBI’s draft guidance would require banks, NBFCs and credit bureaus to tag customer data at collection with ownership, sensitivity, consent and retention details that follow the data across systems. Nigeria FX Oversight: CBN launches an FX BDC Purchase Tracker to monitor dollar sales in real time and curb speculation by bureau de change operators. Cloud Disruption: PayPay and Morpho report outages tied to Amazon Web Services failures, briefly disrupting payments and on-chain lending access. Wall Street Earnings: US mega-banks report strong profits as prime brokerage and deal fees surge, even as NIM pressure persists for some lenders. Crypto/Policy: A US Senate resolution moves to oppose any pardon for Sam Bankman-Fried, while Elliptic expands continuous crypto risk monitoring. Bangladesh Trade: Bangladesh Bank unveils a framework for FTZ import trade, setting rules for authorized dealers and offshore banking units.

Digital Payments Push: Philtrust Bank in the Philippines scrapped transaction fees for retail online transfers via InstaPay and PESONet, aligning with Bangko Sentral ng Pilipinas’ push to cut the cost of digital money. Payments Leadership: XS.com appointed Anna Pastusenco as Group PSP and Banking Manager to expand global banking and payment-partner integrations. Banking Regulation & Innovation: Australia’s government told APRA and ASIC to avoid over-regulation and keep rules proportionate to support growth and innovation, including safer AI use. AI Finance Access: UK banks’ limited access to Anthropic’s Mythos model is raising pressure for Britain to build its own AI capabilities and reduce reliance on US tech. Crypto-Remittance Rails: Cebuana Lhuillier partnered with Fireblocks to run a stablecoin-powered cross-border remittance rail on Solana, aiming for faster, cheaper settlement. Liquidity Watch: Nepal Rastra Bank data shows banks and financial institutions sitting on Rs1.56tn in excess lendable funds as loan demand stays weak. Identity Compliance: Nepal Rastra Bank ordered banks to update customers’ national ID numbers, with timelines for adults and exemptions for children under 16. Market Signals: HSBC shifted its India stance, turning its Sensex outlook more optimistic while keeping an eye on food inflation and energy risks.

RBI Data Governance: India’s central bank has issued draft guidance pushing banks and other regulated entities to set up dedicated data governance functions and appoint Data Owners, Data Stewards and Data Custodians to improve data quality, security and accountability. RBI Enforcement: RBI cancelled registrations of 192 NBFCs for regulatory non-compliance, while 18 others surrendered their certificates. Consumer & Digital Rules: Kerala High Court said Aadhaar details should not be prima facie mandatory for DigiYatra registration if other identity proofs exist. Consumer Protection: India’s CCPA fined SpiceJet ₹1 lakh over “pre-ticked” loyalty and marketing enrolment checkboxes using dark patterns. Banking Operations & Access: Santander will close its Whitehaven, UK branch Aug 27 and shift customers to a Cash Access UK banking hub. Payments & Tech Deals: BGFI Bank Group renewed its partnership with SBS for a group-wide rollout of the SBS Digital Banking Suite across Africa and Europe; Finovifi picked Primax for debit card processing support. Market Watch: Wall Street’s biggest banks sounded upbeat on U.S. consumer resilience as loan balances rise and credit quality stays stable. Sanctions Compliance: Iraq ordered banks to enforce new U.S. sanctions tied to ISIS/Hezbollah-linked networks.

Digital Payments Pricing: The Philippines’ BSP is pushing “responsible pricing” for electronic transfers, aiming to keep digital fees below over-the-counter charges as cashless use expands. Market Mood: Wall Street closed higher as inflation cooled and big banks posted solid profits, lifting Nasdaq and broader financial stocks. RBI & AI Lending: India’s RBI chief met bank CEOs on AI use, cybersecurity, and new loan-risk guidance, as rate pressure and funding costs stay in focus. Banking Deals & Listings: Fairfax is reportedly nearing a controlling stake in IDBI Bank in a major privatization move, while Airtel Africa lines up more investment banks for a London IPO of its mobile-money unit. Mortgage & Credit Moves: Nigeria’s GTBank earned top honors in The Banker’s rankings, while Russia’s Novikom launched a partner-linked mortgage refinance program at 16.3% for eligible employees. Housing & Consumer Strain: New Zealand data showed house prices and sales slipping in June, and electronic card spending falling as households tighten budgets. Crypto & Compliance: Alaska set a July 21 deadline for victims of Bitcoin Depot kiosk scams to file claims, highlighting ongoing consumer-protection pressure on crypto-adjacent payments. Policy & Politics: US Senator Jim Banks revived a birthright citizenship restriction push by calling children of illegal immigrants “children of invaders,” reigniting a major legal fight. Cybersecurity in Banking: A new warning highlights how cloud and remote work expand the attack surface for banks and enterprises, pushing stronger cybersecurity modernization.

RBI & PSU funding push: Finance Minister Nirmala Sitharaman urged state-owned banks to step up NRI foreign-currency deposit mobilisation as rupee pressure from West Asia tensions continues, with the RBI also backing hedging costs to attract longer-tenor FCNR(B) inflows. Customer grievance focus: The RBI’s third annual Internal Ombudsmen conference pushed banks and NBFCs to speed up and improve complaint resolution, using IO insights to fix root causes and prevent repeat issues. Regulatory simplification: RBI proposed a one-time approval for mutual funds, insurers and pension funds to buy bank stakes, aiming to cut repeat paperwork and support steadier investment into banks. Stablecoin policy fight (US): Major US banking groups again urged Senate changes to the CLARITY Act to close “interest-like” stablecoin reward loopholes that could trigger deposit flight. Digital onboarding & payments: Vikar Technologies partnered with Plaid to embed account opening and identity checks for community banks and credit unions, while BSP said the Philippines is still on track for its 2028 digital payments goal as banks waive transfer fees. Market backdrop: Wall Street bank earnings surged on trading and dealmaking strength, lifting sentiment even as oil volatility and geopolitics kept pressure on broader markets.

Climate Finance Push: Multilateral development banks lifted climate funding to a record $163bn in 2025, with $103bn going to low- and middle-income countries and adaptation rising faster to $35bn. AI Cyber Risk: Canada’s OSFI warned banks and insurers to tighten governance and defenses as generative and agentic AI expands the cyber threat surface. Digital Wealth Partnerships: TAPP Engine teamed with Envestnet to embed ActivePassive ETF model portfolios into goals-based investing for banks and credit unions. Insurance Expansion in Pakistan: VEON’s JazzWorld completed its controlling stake in TPL Insurance, boosting digital insurance access in an underpenetrated market. Mortgage Rate Pressure in Australia: After the RBA held rates, smaller lenders repriced mortgages, widening the gap between average and lowest variable rates. EU Reporting Rules: The EBA set new reporting standards for third-country bank branches, with key dates starting March 31, 2027. India NRI Outreach: Finance Minister Nirmala Sitharaman urged public sector banks to intensify NRI outreach to sustain foreign-currency deposit momentum under RBI swap schemes. Banking Sector Tensions: A fintech funding report says VC is moving “bigger, fewer,” with fewer deals and more focus on profitability signals. Community Banking Leadership: Citizens Bank & Trust CEO Charlie Williams became chair of the Alabama Bankers Association.

Cybersecurity Oversight: China’s top financial regulator proposed sweeping cybersecurity rules for banks and insurers, with tiered incident reporting and faster executive accountability for major outages and data breaches. Rates & Mortgage Stress Tests: After the OCR move, New Zealand banks kept serviceability test rates steady, but forecasts diverge on how high rates may go—important for borrower capacity. Consumer Credit Risk: U.S. regulators (OCC, FDIC, NCUA) issued guidance urging banks to factor immigration-related employment volatility into underwriting for undocumented workers. FX & Reserves: The dollar’s share of global reserves fell to the lowest level this century, signaling continued reserve diversification by central banks. Precious Metals: Gold and silver slid after renewed Gulf strikes, as oil jumped and investors reassessed monetary-policy pressure. Banking Compliance Sanctions: The Philippines’ BSP proposed tougher enforcement under the Financial Products and Services Consumer Protection Act, including potential director/officer suspension and cease-and-desist orders. Payments Modernization: TD rolled out Clover’s all-in-one commerce and payments platform in Canada, bundling POS, processing, e-commerce tools, and business management. Dealmaking: Aditya Birla Renewables agreed to buy Shell’s India renewables unit for $1.8bn, while Quadria-backed Maxivision hired bankers for a planned 2027 IPO. Scams & Customer Protection: A Mississippi sheriff’s team is working with local banks to warn residents about phone scams that push victims into fraudulent wire transfers.

RBI Oversight: India’s RBI is tightening controls on overseas direct investments, requiring banks to submit detailed questionnaires covering dividends, loan payments, trade links, R&D, energy use, and even whether partners have real offices. Education Savings Push: RBI is also weighing a higher-return education savings plan as school fees rise, with banks asked for input on product design. BSP Liquidity Management: The Bangko Sentral ng Pilipinas absorbed PHP 1.3 trillion of excess liquidity via open market operations, keeping its overnight reverse repo aligned with target while rates on bills and term deposits edged up. New CEO for Islamic Banking: The Philippines’ Al-Amanah Islamic Investment Bank named former Budget Secretary Amenah Pangandaman as chair and CEO, aiming to expand Islamic finance and inclusion. Engagement & Culture in Banking: Judo Bank highlighted a data-driven staff engagement tool (JEDI) to spot morale trends weekly, alongside investment in formal chartered banking certifications. NZ Monetary Policy Watch: New Zealand’s RBNZ hiked the OCR to 2.50%, but major banks (ANZ, ASB, BNZ, Kiwibank) said mortgage serviceability test rates stayed unchanged. Cyber & Fraud Risk: A Ryuk ransomware case saw an Armenian national plead guilty to aiding a scheme that stole $15m in bitcoin from US businesses. Crypto Flows: US Bitcoin ETFs pulled in $197m weekly net inflows, ending an eight-week outflow streak, though demand remains uneven.

Private Markets Benchmarking: BlackRock expanded Preqin benchmarks across Aladdin platforms, adding closed-end fund indices, asset-level indices and 140,000+ peer benchmarks to make private-market comparisons easier. Crypto Regulation Clash: Coinbase pushed back on the U.S. CLARITY Act, arguing it strengthens national security via clearer oversight, AML rules and stronger sanctions enforcement. Stablecoin Liquidity Watch: Stablecoin supply fell about $10B since May, with June’s drop the biggest since Terra, as USDT/USDC redemptions tightened crypto liquidity. Banking Fraud & Controls: Ghana’s BoG data shows fraud is increasingly concentrated in payment service providers, while Thailand plans tighter checks on large cash deposits and high-value USDT trades to curb hidden flows. Digital Banking Rollouts: Bank of Ceylon launched BOC Flex Tap & Pay, and the Philippines is moving from text OTPs to silent, risk-based authentication under BSP rules. Earnings Season Focus: Markets brace for a big week of bank results, with Citigroup singled out as a key turnaround test. Cybercrime Refunds: Mysuru police and banks coordinated to speed refunds after cyber fraud froze funds in thousands of accounts.

Banking Marketing Meets Entertainment: South Korea’s KB Kookmin Bank is turning corporate banking into K-drama storylines to pull in millennials and Gen Z, while Woori’s card arm is also using reality TV-style content to explain financial products. Cheque Crackdown: Jamaica’s central bank and bankers’ group set a March 2028 end date for cheques, with banks already tightening acceptance limits and shifting customers toward electronic payments. Dormant Account Push: Nepal Rastra Bank ordered banks to cut dormant accounts by mid-January 2027, requiring advance customer notifications and easier closure/transfer options. Digital Finance Partnerships: Oman’s National Bank of Oman hosted its Digital Partnership Awards, highlighting government and industry collaborations that expand digital payments and banking services. Rates Watch (India): UCO Bank revised MCLR benchmarks effective July 10, nudging key tenors higher while treasury-linked benchmarks moved down. Crypto & Banking Risk: Gate saw about $207M in weekly net outflows after a reported $1.7M account theft, underscoring ongoing fraud and security pressures across financial platforms. Banking Modernization (US): Delaware’s governor signed banking modernization bills covering digital assets, virtual currency, and stablecoins, updating licensing and consumer protections.

Banking Awards & Performance: Qatar Islamic Bank (QIB) was named “Best Performing Bank in Qatar” by The Banker, citing a 17% cost-to-income ratio, strong balance sheet metrics, and profit growth into Q1 2026. Capital Markets & Lending Demand: HDFC Bank is seeking up to ₹60,000 crore via bonds while expanding AI, digital upgrades, and wealth management. FX Oversight: Bangladesh Bank launched special inspections of select banks’ treasury and IT units, including scrutiny of Nostra accounts and SWIFT settlements, after foreign payment irregularities allegations. Governance Watch: HDFC Bank’s CEO flagged questions raised by the mid-term resignation of part-time chairman Atanu Chakraborty and said external law firms reviewed the resignation statement. Banking Tech & Cyber: SWIFT is moving toward 24/7 blockchain-led settlement pilots with major banks, while Hong Kong Interbank Clearing warned of counterfeit “cash rewards” sites using FPS-style scams. Consumer Protection: Delaware will receive $314,000 from a multistate Cash App settlement over claims Block misled users about fraud protections. Digital Banking Access: A push for public input on the future of face-to-face banking highlights how branch closures and banking hubs affect older customers. Crypto & Risk: Hedera suffered a $5M+ exploit with funds routed to Ethereum, and Zapper will shut down Aug 3 after nearly seven years. AI Policy Debate: Vitalik Buterin weighed in on the AI “pause vs progress” debate, arguing the real dispute is about assumptions on how fast advanced AI arrives.