Gov’t strives to launch e-MOP prototype in two years

The Macau Monetary Authority (AMCM) is currently implementing the prototype system for the “Digital Macau Pataca” (e-MOP) in phases, with the Secretary for Economy and Finance, Anton Tai Kin Ip, noting that the core system is expected to be completed by the end of this year.

The remarks were made in reply to lawmaker Angela Leong’s oral inquiry regarding the promotion of the development of the digital economy in Macau.

“Macau benefits from its connection to international capital flow systems, and with digitization, capital will continue to flow freely while digital currencies will lower transaction costs. The Macau government sees potential in digital currencies and aims to accelerate the establishment of the e-MOP,” Tai stated, noting that the government hopes to launch it within two years, depending on the progress of sandbox testing, legislation, and related efforts.

He underlined that the introduction of e-MOP will rely on fully mastering stable and controllable technology, proceeding in a step-by-step manner.

The first phase will target the retail sector, followed by the wholesale sector, with the ultimate goal of expanding beyond Macau to connect with Portuguese-speaking platforms, positioning itself as a digital transaction tool for Portuguese-speaking countries and China-Portugal trade.

According to Tai, after the core system is expected to be completed by the end of this year, the AMCM will collaborate with financial institutions to initiate sandbox testing of retail and wholesale application scenarios using a “whitelist” model.

Based on the testing results, the system functions will be optimized, while simultaneously advancing key tasks such as drafting regulations, formulating regulatory guidelines, introducing additional participating institutions, and constructing a second data center.

“The government will prioritize local use and cross-border trade,” he stressed.

“With comprehensive regulations and stable system operations in place, the AMCM will gradually expand the scope of the pilot program and initiate full testing at an appropriate time to ensure the orderly integration of e-MOP into local payment scenarios.”

He also noted that the design of the e-MOP app will consider the needs of various groups, aiming to enhance the user experience for residents.