Macau sees 11 new financial operators in five years

In the past five years, the city has seen 11 new financial institutions, operating a relatively wide range of businesses in Macau, the Monetary Authority of Macao (AMCM) stated.

The 11 financial institutions are in businesses such as payment services, financial leasing, investment fund management, financial asset trading and revenue sharing rights trading.

Referring to them as new types of financial institutions, the AMCM noted their establishments not only added innovative elements to the market, but also realized complementary development with neighboring regions.

Recapping its efforts in the previous years, the AMCM highlighted that it had coordinated the establishment of the Simple Pay and Easy Transfer functions.

The former allows all local mobile payment platforms to inter-communicate and thus realizes cross-platform payment. The latter relies on Fast Payment System (FPS) technology and facilitates instant to same-day inter-bank money wire transfers.

The AMCM boasts 90% coverage of Simple Pay and the availability of the next phase of Easy Transfer for the Hong Kong Dollar.

In terms of law, the entity has handled the review or compilation of several laws related to capitalization, insurance agencies, trusts and currency. It will also propose to the parliament laws concerning insurance agents, funds and securities. AL