SECP Proposes IBAN, Biometric Verification for Digital Investor Onboarding

SECP has proposed amendments to the AML/CFT/CPF Regulations, 2020 introducing IBAN-based verification through SECP-notified entities including NCCPL via RAAST as valid proof of identity, mandatory use of verified bank accounts or e-wallets for investor transactions, and multi-biometric verification including facial recognition aligned with NADRA systems. Regulated Persons will continue to bear full responsibility for KYC, due diligence, transaction monitoring, and AML compliance. The draft amendments are open for public consultation for 14 days.

Pakistan Capital Market Resilient Despite Global Shock in Q3 FY2026

SECP's Q3 FY2025-26 Quarterly Market Review found Pakistan's KSE-100 declined 14.54% amid global market volatility driven by the US-Iran conflict, rising oil prices, and broad risk-off sentiment. Despite this, domestic institutional and retail investors fully absorbed PKR 111.61 billion in foreign outflows, while three IPOs were approved and GoP Ijara Sukuk auctions attracted bids of PKR 2.03 trillion against an PKR 800 billion target. SECP attributed market resilience to strong domestic participation, continued primary market activity, and regulatory reforms.

RxPreferred Benefits LLC Consent Order A-2584

The Nebraska Department of Insurance entered a Consent Order against RxPreferred Benefits LLC on April 17, 2026. The order, designated Cause Number A-2584, addresses regulatory violations identified through departmental proceedings. The company has agreed to the terms specified in the consent order. Compliance obligations and any associated penalties are documented in the full order PDF maintained by the department.

DOS Proposes Single 38-Page U.S. Passport Book, Seeks Comments

The U.S. Department of State is seeking public comments on a proposal to consolidate its passport book offerings from two sizes (26-page and 50-page) to a single 38-page book as part of the Series B redesign anticipated for 2028. Currently, 92 percent of passport applicants request the 26-page book, while 8 percent receive the 50-page book, with special-issuance and overseas applicants accounting for most 50-page issuances. The change is expected to increase efficiencies and reduce waste in production at the Government Publishing Office and in the issuance process at the Department of State. Comments must be submitted by June 22, 2026.

State Department Security Review Committee Final Rule Effective May 27

The Secretary of State is promulgating rules defining the membership and operating procedures of the Security Review Committee (SRC), an internal panel that reviews serious security incidents at or related to U.S. diplomatic missions abroad. The SRC is composed of assistant secretary-level officials and reviews whether the Department's security policies, procedures, and programs worked appropriately. The rule is effective May 27, 2026, and establishes timelines including incident reporting within 3 days, investigative team assembly within 10 days, investigation completion within 90 days, and SRC review within 60 days of receiving the investigation report.

SBA Announces National Small Business Week 2026 Virtual Summit Agenda

The U.S. Small Business Administration announced the full agenda for National Small Business Week 2026 Virtual Summit, a free two-day online event scheduled for May 5-6, 2026. The event is co-sponsored by America's Small Business Development Center and features educational workshops presented by cosponsors including Visa, T-Mobile, Google, Verizon, Paychex, TriNet, Amazon, Block, Grasshopper Bank, Lockheed Martin, ZenBusiness, Fiserv, and Meta. Topics range from AI adoption and access to capital to federal contracting strategies and business continuity planning.

SBA Relief Available to Commonwealth Northern Mariana Islands Businesses Private Nonprofits and Residents Affected by Super Typhoon Sinlaku

The SBA announced that low-interest federal disaster loans are available to CNMI businesses, private nonprofits, and residents following a Presidential disaster declaration issued April 23, 2026 for Super Typhoon Sinlaku, which occurred April 11–18, 2026. Businesses and nonprofits may borrow up to $2 million for physical damage, homeowners up to $500,000 for primary residence repairs, and renters up to $100,000 for personal property replacement. Interest rates begin at 2.875% for homeowners and renters, 3.625% for private nonprofits, and 4% for businesses, with payments deferred 12 months from first disbursement.

Washington Drought Relief Loans, Deadline May 26

The SBA is reminding eligible small businesses and private nonprofit organizations in Washington of the May 26 deadline to apply for low-interest federal disaster loans through the Economic Injury Disaster Loan (EIDL) program. The disaster declaration, triggered by a drought beginning July 29, 2025, covers ten Washington counties (Benton, Clallam, Grays Harbor, Island, Jefferson, Kitsap, Klickitat, Mason, Skamania, and Yakima) and five Oregon counties (Gilliam, Hood River, Morrow, Sherman, and Wasco). EIDLs of up to $2 million are available at 4% for small businesses and 3.625% for PNPs, with terms up to 30 years, no interest accrual, and no payments due until 12 months from first disbursement.

Vulnerability Summary for the Week of April 20, 2026

CISA released bulletin SB26-117 summarizing 50+ new vulnerabilities recorded during the week of April 20, 2026. The bulletin lists vulnerabilities organized by severity: 11 High (CVSS 7.0-10.0), 33 Medium (CVSS 4.0-6.9), 1 Low (CVSS 0.0-3.9), and 10 with severity not yet assigned. Two critical vulnerabilities—ThinkPHP 5.0.23 (CVE-2018-25270) and ELBA5 5.8.0 (CVE-2018-25272)—both scored CVSS 9.8 for remote code execution. The bulletin compiles information from external open-source sources and is not a direct result of CISA analysis. Patch information is provided where available.

Ponlimsi Biosimilar to Prolia Approved March 2026

Ponlimsi Biosimilar to Prolia Approved March 2026

BJA FY 2025 Tribal Justice Training Grant, $500,000 Cooperative Agreement, Closes May 6

BJA has posted a Notice of Funding Opportunity for the FY 2025 Tribal Justice Training and Technical Assistance Program, offering up to $500,000 through a cooperative agreement. Only applicants that received an official invitation letter from BJA are eligible to apply; applications are limited to the Tribal Law And Policy Institute and Fox Valley Technical College. The program provides technical experts to assist federally recognized Indian Tribes in developing and enhancing their justice systems, with delivery both virtual and on-site. Applications close May 6, 2026.

NIH CEED Hub Funding Opportunity: Oral Health Research, $1M, Closes Oct 19

The National Institutes of Health (NIH) has published a Notice of Funding Opportunity (NOFO) seeking applications for a Community Engagement Evaluation and Data Coordination (CEED) Hub to support the ADAPT consortium's work in optimizing oral health. The funding opportunity, RFA-DE-27-001, offers a single award of $1,000,000 as a cooperative agreement (U01). Applications close October 19, 2026. Eligible applicants include government entities, nonprofits, educational institutions, and small businesses; foreign organizations and foreign components of U.S. organizations are not eligible to apply.

NIFA Methyl Bromide Transition Program FY2026 Grant, $500k Maximum

NIFA has published the FY2026 Methyl Bromide Transition Program Notice of Funding Opportunity (NOFO) under Assistance Listing 10.303. The program offers up to $500,000 per award (maximum 2 expected awards, $1,000,000 total program funding) to support research into practical pest management alternatives to methyl bromide in agricultural production systems. Applications may only be submitted by colleges, universities, Hispanic-serving agricultural colleges and universities, and 1994 Institutions as defined by 7 U.S.C. 3103. The application window closes June 29, 2026, with an archive date of July 29, 2026. Cost sharing or matching is required.

Department of Education $2,600,000 National Center on Accessible Education Videos Grant (84.327N)

The Department of Education's Office of Special Education and Rehabilitative Services (OSERS) announces funding of $2,600,000 for a National Center on Accessible Education Videos under Assistance Listing Number 84.327N. The program supports captioning, video description, and accessible educational materials for students with disabilities in early learning and K-12 settings, aligned with IDEA section 674(c). Applications close June 26, 2026; one cooperative agreement is expected.

Open Data Framework Grant, $923,325, Closing Jun 26, 2026

NIFA has posted a funding opportunity for the Open Data Framework program under assistance listing 10.233, offering $923,325 to develop neutral and secure data repositories and cooperatives for agricultural stakeholders. Applications close June 26, 2026, with eligibility limited to organizations including state agricultural experiment stations, colleges and universities, research institutions, private organizations, foundations, corporations, federal agencies, and national laboratories.

Department of Education $1.05M Accessible Education Video Projects Grant, Jun 26, 2026

The Department of Education's Office of Special Education Programs (OSEP) has posted a funding opportunity under the Accessible Education Video Projects program (ALN 84.327C), with maximum award of $1,050,000 and application deadline of June 26, 2026. The program funds audio description, open captioning, and closed captioning appropriate for early learning and K-12 settings under IDEA section 674(c). Eligible applicants include state and local educational agencies, institutions of higher education, other public agencies, private nonprofit organizations, Indian Tribes or Tribal organizations, and for-profit organizations.

NIH ADAPT Grant, Oral Health Optimization, up to $300,000, closing Nov 16, 2028

The National Institutes of Health (NIH) announces a funding opportunity through the National Institute of Dental and Craniofacial Research (NIDCR) for Community-Based Participatory Research to advance oral health. The ADAPT (Advancing Data and Practice Transformation) grant offers up to $300,000 in cooperative agreement funding for UG3/UH3 phased research applications. Applications close November 16, 2028. Eligible applicants include government entities, higher education institutions, nonprofits, and small businesses. Foreign organizations and non-domestic components of U.S. organizations are not eligible to apply.

STEP Grant Program: State Tribal Education Partnership FY2026

The Department of Education's Office of Indian Education announces the State Tribal Education Partnership (STEP) Grant Program (Assistance Listing 84.415A), with applications available April 27, 2026 and a closing date of June 11, 2026. The program offers approximately $2,000,000 in total funding with an expected 7 awards to support Tribal self-determination in education, improve academic achievement of Native students, and promote coordination between Tribal Educational Agencies, State Educational Agencies, and Local Educational Agencies. Eligible applicants include Indian Tribes, tribal organizations, TEAs, or consortia of eligible applicants.

Quinn v. General Electric: No Duty Required for Asbestos Design Defect Claims

Quinn v. General Electric: No Duty Required for Asbestos Design Defect Claims

Maryland Supreme Court Rules on AG Disclosure of Grand Jury Material in Child Abuse Investigation

The Maryland Supreme Court reversed lower courts, holding that while the Attorney General had constitutional authority under the Hogan Directive to investigate child sexual abuse within the Archdiocese of Baltimore, the interest of public accountability does not establish a 'particularized need' sufficient to justify disclosure of secret grand jury material over the objection of uncharged individuals. The court reversed the Appellate Court's judgment and directed the Circuit Court to deny OAG's motion to disclose Petitioners' identities in the 456-page report on alleged clergy abuse.

CareFirst BlueChoice v. Skipper: IVF Coverage Required, Class Action Mootness

The Maryland Supreme Court affirmed the Appellate Court's judgment in CareFirst BlueChoice v. Skipper, holding that insurers cannot exclude embryo thawing from IVF coverage under Maryland law. The court rejected CareFirst's mootness argument, extending its precedent in Frazier v. Castle Ford to hold that a defendant's tender of individual relief to a putative class representative does not moot a class action if the representative has not had a reasonable opportunity to seek class certification. On the merits, the court held that Exclusion 16.11 in the policy does not apply to any medically necessary expenses arising from IVF procedures under Insurance Article § 15-810(c) and the regulatory interplay between COMAR 31.11.06.06B(11) and Administration Bulletin 13-01. The case was remanded to the circuit court for further proceedings.

Julio et al v. Google LLC - Civil Case Removed to Oakland

Google LLC filed a Notice of Removal on April 27, 2026, removing a civil case from Santa Clara County Superior Court (case number 24CV435204) to the U.S. District Court for the Northern District of California. The federal case is assigned number 4:26-cv-03635 and is based on a Federal Question. Google LLC also filed a Corporate Disclosure Statement identifying its corporate parents as XXVI Holdings Inc. and Alphabet Inc.

Tom Hutto v. City of Rock Hill Affirmed

The United States Court of Appeals for the Fourth Circuit issued an opinion affirming the district court judgment in Tom Hutto v. City of Rock Hill. The appellate court's decision upholds the lower court's ruling, marking the conclusion of the appeals process in this matter. The Fourth Circuit's judgment constitutes final binding precedent within its jurisdiction covering Maryland, Virginia, West Virginia, North Carolina, and South Carolina.

Security for Costs Increased, Amazonia IP, Costs Payable

Security for Costs Increased, Amazonia IP, Costs Payable

Fringe Benefits Tax Commercial Parking Station Appeal Allowed

Fringe Benefits Tax Commercial Parking Station Appeal Allowed

FCA Dismisses Mastercard Suppression Orders in ACCC Competition Proceeding

The Federal Court of Australia has dismissed suppression and non-publication order applications by Mastercard entities and third parties in ACCC v Mastercard Asia/Pacific Pte Ltd (NSD 401 of 2022). Justice Wigney refused to suppress commercially sensitive information in 91 documents about which ACCC witness Mr Paul Jennings may be cross-examined, finding the suppression claims exhibited "extreme overreach" including a claim over a seven-year-old Commonwealth Bank merchant invoice to KFC. The court declined to make global suppression orders pre-trial, determining it would only rule on suppression claims when specific documents are deployed during cross-examination.

Djungan People #5 Native Title Consent Determination

The Federal Court of Australia issued a consent determination recognizing non-exclusive native title rights held by the Djungan People over part of Lot 170 on Plan CP887723, northwest of Mareeba in Far North Queensland. The determination grants rights including access, habitation, hunting, fishing, gathering, cultural practices, and water use, while expressly excluding minerals and petroleum. The Nguddaboolgan Native Title Aboriginal Corporation RNTBC (ICN: 7727) is appointed as the prescribed body corporate to represent the native title holders as their agent.

Brisbane Club v Commissioner of Taxation — CGT Cost Base Appeal

The Federal Court of Australia partially allowed Brisbane Club's taxation appeal, reducing the Applicant's total net capital gain of $13,358,529 by $1,149,125.00. The Court held that the indexed amount of $928,378 (comprising a $600,000 payment under clause 27(b) of the Deed to the Developer) should be included in the cost base of the Building, not the Second Sublease. The ruling turned on two grounds: first, that the payment to the Developer was not made 'in respect of' the Second Sublease between CML and the Club; and second, that clause 27(b) was properly construed as requiring payment for construction of the Building itself. The matter is remitted to the Respondent for amended assessments.

Allianz Australia Insurance Ltd v Uniting Church in Australia Property Trust - Rectification Application Dismissed

The Federal Court of Australia has dismissed Allianz Australia Insurance Ltd's application seeking rectification of a professional indemnity insurance policy issued for the period 31 March 2008 to 31 March 2009. Allianz sought to establish that the policy should reflect a sexual misconduct sublimit of $15 million separate from the professional indemnity limit. The court found that Allianz failed to establish convincing proof of a common intention that sustained through to the policy's execution on 8 July 2008. The evidence indicated the $15 million figure was provisional and subject to ongoing reinsurance discussions, rather than a settled common intention. Allianz was ordered to pay the respondents' costs.

ACCC v Mastercard Suppression Order Application Judgment 2026 FCA 431

The Federal Court largely dismissed suppression and non-publication order applications by Mastercard and 14 third-party companies in competition proceedings brought by the ACCC alleging contraventions of sections 45, 46, and 47 of the Competition and Consumer Act 2010. Justice Wigney held that the information sought to be suppressed was historic (mostly 5-10 years old), lacking sufficient commercial sensitivity to justify protecting the administration of justice, and that most of the information was central to the ACCC's case requiring open-court treatment. Only a small number of specific items were granted suppression orders, including certain confidential pricing figures and agreement provisions that the ACCC accepted could be suppressed.

Sampi v State of Western Australia (No 5) – Variation of Gender Restricted Evidence Suppression Orders

The Federal Court of Australia granted an application by the Bardi and Jawi Niimidiman Aboriginal Corporation RNTBC to vary suppression orders made in 2001 and 2003 over gender-restricted evidence (Ngulungul – secret men's business) given during native title proceedings. The Court set aside the prior orders and made new orders permitting the RNTBC to access, store, use, and disclose the gender-restricted evidence on conditions it deems appropriate, while maintaining restrictions on disclosure to women and children. The State and Commonwealth withdrew proposed qualifications requiring disclosure to accord with Bardi and Jawi traditional law and custom, which the Court held would inappropriately draw it into evaluating cultural governance matters.

Guterres Warns Hormuz Closure Threatening Global Trade

UN Secretary-General António Guterres addressed the Security Council on 27 April 2026, calling on nations restricting ship movement through the Strait of Hormuz to 'let the global economy breathe.' The Security Council is debating maritime security as the ceasefire between Israel and Lebanon remains under strain with continued civilian casualties from Israeli strikes over the weekend.

NPT Review Conference 2026: UN Chief Warns Treaty Must Evolve as Warheads Rise

The 11th Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) opened at UN Headquarters in New York on 27 April 2026, running through 22 May 2026. UN Secretary-General António Guterres warned that the cornerstone treaty, in place since 1970, must evolve to address AI and quantum computing risks while commitments remain unfulfilled. For the first time in decades, the number of nuclear warheads is rising, with global military spending reaching $2.7 trillion in 2025. Do Hung Viet, Vietnam's Permanent Representative, was elected President of the conference amid US objections to Iran's candidacy for Vice-President of the General Committee. Previous review conferences in 2022 and 2015 failed to reach consensus.

UNICEF Warns 7.5 Million Children in Central Sahel Need Humanitarian Aid

UNICEF Deputy Executive Director Ted Chaiban reported following a 14-day visit to Niger, Burkina Faso, and Mali that nearly 7.5 million children across the Central Sahel region are in urgent need of humanitarian assistance due to insecurity, climate shocks, and socio-economic crises. The UN has documented more than 1,500 grave violations against children in the region, while more than 8,400 schools were rendered inaccessible in 2025 alone. Despite these challenges, government-led reforms in the three countries have shown positive results, including Niger's birth registration rate rising to 79 percent in 2024, up from 62 percent in 2023.

Afghanistan Risks Losing 25,000 Women Teachers and Health Workers

UNICEF analysis found that restrictions on girls' education and women's employment in Afghanistan could create a deficit exceeding 25,000 female teachers and health workers by 2030. Female representation in the civil service fell from 21% to 17.7% between 2023 and 2025, while over one million girls have been denied secondary education since September 2021. The restrictions are costing Afghanistan $84 million annually in lost economic output, with losses expected to grow as women and girls remain blocked from classrooms and jobs.

UN Condemns Sudan Drone Attacks, Seven Dead

UN Spokesperson Stéphane Dujarric condemned two drone attacks in Sudan, one of which killed seven people in El Obeid city on Saturday. An aid truck from UNHCR carrying emergency shelter kits was destroyed by a drone while transiting through Umm Drisaya in North Darfur. The attacks occur amid Sudan's civil war entering its fourth year, with 700,000 people having sought safety in Tawila alone and nearly nine million displaced nationwide.

ASEAN Secretary-General Meets German Minister of State, Strengthens Partnership

ASEAN Secretary-General Dr. Kao Kim Hourn held a bilateral meeting with German Minister of State Florian Hahn on April 27, 2026, in Bandar Seri Begawan, Brunei Darussalam. The meeting took place on the sidelines of the 25th ASEAN-EU Ministerial Meeting and focused on strengthening the ASEAN-Germany Development Partnership, which marks its 10th anniversary this year. The parties exchanged views on ways to build on the momentum of their partnership.

ASEAN Secretary-General Meets Latvia Deputy Minister, April 27, 2026

Secretary-General Dr. Kao Kim Hourn of ASEAN held a bilateral meeting with Deputy Minister Artjoms Uršuļskis of Latvia on April 27, 2026, at the 25th ASEAN-EU Ministerial Meeting in Bandar Seri Begawan, Brunei Darussalam. The officials exchanged views on strengthening relations between ASEAN and Latvia, including through the ASEAN-EU framework. No agreements, sanctions, regulatory changes, or compliance obligations were announced.

Secretary-General Attends 25th ASEAN-EU Gala Dinner in Brunei

Secretary-General of ASEAN, Dr. Kao Kim Hourn, attended the Gala Dinner hosted by Dato Erywan Pehin Yusof, Minister of Foreign Affairs II of Brunei Darussalam, as Country Coordinator for ASEAN-EU Dialogue Relations, on the occasion of the 25th ASEAN-EU Ministerial Meeting (AEMM). The Gala Dinner was attended by Ministers and representatives from ASEAN and EU Member States. This is an informational report of a diplomatic ceremonial event with no compliance obligations or policy implications.

ASEAN Secretary-General Meets EU High Representative in Brunei on 25th ASEAN-EU Ministerial Meeting Sidelines

ASEAN Secretary-General Dr. Kao Kim Hourn held a bilateral meeting with EU High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission H.E. Kaja Kallas on April 27, 2026, in Bandar Seri Begawan, Brunei Darussalam. The meeting occurred on the sidelines of the 25th ASEAN-EU Ministerial Meeting. They exchanged views on strengthening ASEAN-EU Dialogue Relations in preparation for the partnership's 50th anniversary in 2027. This is a diplomatic engagement announcement with no regulatory or compliance implications for businesses or individuals.

ASEAN-EU Senior Officials' Preparatory Meeting Convenes in Brunei

The ASEAN-EU Senior Officials' Preparatory Meeting was held on April 27, 2026, in Bandar Seri Begawan, Brunei Darussalam, to discuss preparations for the 25th ASEAN-EU Ministerial Meeting (AEMM) scheduled for April 28, 2026. The meeting brought together senior officials from both ASEAN and the European Union to coordinate ahead of the ministerial meeting. The Secretary-General of ASEAN attended the meeting as part of a series of diplomatic engagements surrounding the 25th AEMM.

ASEAN Secretary-General Meets Cyprus Foreign Minister to Strengthen Ties

Secretary-General of ASEAN Dr. Kao Kim Hourn held a bilateral meeting with the Minister of Foreign Affairs of the Republic of Cyprus, H.E. Dr. Constantinos Kombos, on April 27, 2026, on the sidelines of the 25th ASEAN-EU Ministerial Meeting in Bandar Seri Begawan, Brunei Darussalam. The two officials exchanged views on ways to foster closer ties between ASEAN and Cyprus, both under a bilateral framework and under the ASEAN-EU Dialogue Partnership. This meeting represents continued diplomatic engagement between ASEAN and Cyprus at the ministerial level.

Secretary-General of ASEAN Meets Brunei Minister on ASEAN Summit

Secretary-General of ASEAN Dr. Kao Kim Hourn met with The Honourable Dato Erywan Pehin Yusof, Minister of Foreign Affairs II of Brunei Darussalam, on April 27, 2026, on the sidelines of the 25th ASEAN-EU Ministerial Meeting in Bandar Seri Begawan. The officials exchanged views on recent regional developments and discussed ASEAN priorities including preparations for the 48th ASEAN Summit in May 2026 and the 50th Anniversary of ASEAN-EU relations in 2027. This was a diplomatic courtesy meeting; no regulatory announcements or policy changes resulted from the engagement.

ASEAN Energy Officials Prepare Special AMEM, Discuss Energy Security

The Ad-Hoc Senior Officials Meeting on Energy (SOME) Preparatory Meeting for the Special ASEAN Ministers on Energy Meeting, together with the Consultative Session with Dialogue Partners, convened virtually on 24 April 2026. Senior Energy Officials from ASEAN Member States, the ASEAN Secretariat, the ASEAN Centre for Energy (ACE), the ASEAN Council on Petroleum (ASCOPE), and Dialogue Partners participated. The meetings assessed implications of the Middle East situation on global and regional energy markets, including oil and gas supply stability and price volatility, and discussed the ASEAN Framework Agreement on Petroleum Security (APSA), including the Coordinated Emergency Response Mechanism (CERM) and potential financing from the Asian Development Bank and World Bank Group.

Secretary-General of ASEAN Delivers Video Message at ASEAN Climate Week 2026 Opening

Secretary-General of ASEAN Dr. Kao Kim Hourn delivered a video message on April 27, 2026 at the Opening of ASEAN Climate Week 2026, a virtual convening running through May 1, 2026 under the Philippines' 2026 ASEAN Chairship. In his address, SG Dr. Kao reaffirmed ASEAN's commitment to advancing regional climate cooperation and highlighted ASEAN Climate Week as a platform to strengthen collective efforts in implementing regional climate priorities, mobilising climate finance, and enhancing resilience to climate impacts across the region.

Global Cashless Payments Rise, Credit Transfers Lead

CPMI Brief No. 12, published 27 April 2026, presents key retail payment trends from the 2024 Red Book statistics collected from BIS CPMI member jurisdictions. The analysis finds that cashless payment use continues to rise globally, with credit transfers the fastest-growing cashless payment method in emerging market and developing economies (EMDEs), while card payments drive growth in advanced economies (AEs). Fast payments are identified as a key driver behind credit transfer growth in EMDEs and are increasingly used for small-value payments in both EMDEs and AEs.