Nearly MOP10b goes to SMEs through consumption cards

The several rounds of consumption stimulus since 2020 have transferred about MOP9.89 billion of cash to local small and medium enterprises (SMEs), the government has announced in a statement.

Another MOP5 billion has gone to other businesses, the government added.

The data was calculated as of end-October.

Elaborating on the cash that flowed through to SMEs, the government emphasized that different industries had benefitted from the programs.

These amounts have not included the latest MOP8,000 issuance, branded the “Livelihood Subsidy Programme” that started in October.

In addition to that, a year ago, the Monetary Authority of Macao (AMCM) instigated the Simple Pay platform, which facilitates interconnectedness between different mobile payment service providers. With this, provider A’s platform will be able to handle payments made from provider B’s accounts.

To attract users to sign up for the platform, the AMCM requested local service providers to waive handling charges on SMEs until end-February 2023, after two extensions. From October 2021 to September 2022, 20,000 SMEs have enjoyed the waiver that would have otherwise applied to transactions amounting to MOP11.6 billion.

The government also initiated a local tour and staycation program over the past several years. Subsidies were given to eligible residents to explore the city and stay in hotels.

As of end-October, the program has attracted 440,000 counts of participation, generating an economic effect approaching MOP196 million. Each year since the commencement of the program, 162 travel agencies, 70 hotels, 459 local tour guides and 559 coach drivers participated.

The government added that this year, based on the local tour and staycation program, elements of study tours had been added to the existing program to allow students to learn by traveling across the city.

Other fiscal support measures include subsidies for freelancers, cash handouts, water and electricity subsidies, mortgage repayment special arrangements and tax refunds, among others.