Loan platform is operating in Macau illegally: AMCM

A loan brokerage platform that does not have authorization to operate in Macau has recently been observed operating on several social media platforms, the Monetary Authority of Macao (AMCM) revealed yesterday.
According to the authority, the platform, with a Chinese name that translates literally as “Easy Hong Kong-Macau Loan,” has recently been observed operating on social media platforms such as Facebook and WeChat.
The authority said that the platform is peddling loan services to potential customers. The AMCM has issued a statement, explaining that “the operator has not obtained the permission to operate any financial activities in the Macau Special Administrative Region.”
“In order to safeguard public interests, the AMCM reminds members of the public to access legal financial services from permitted institutions, so as to avoid being defrauded and suffering any losses,” the regulator added.
Furthermore, the authority noted that, pursuant to local laws, including the Decree-Law no. 15/83/M and no. 32/93/M, the operation of unlicensed financial services in the city is a punishable offence carrying a maximum penalty of the monetary amount of twice the interest obtained from those services. AL