New Financial System Legal Regime approved

Legislative Assembly (AL) lawmakers have completed their final reading of the bill that will establish some new rules regarding the operation and procedures of financial institutions.

The bill did not generate much discussion with most of the lawmakers only calling on the government to ensure that, while licensing the financial institutions, the institutions can guarantee a good and safe service to the population.

At the plenary to respond to questions from lawmakers on the topic, the Secretary for Economy and Finance, Lei Wai Nong, said that the degree of efficiency of local administration institutions can affect investors’ participation in the local market. But he said that a license application for the providing of financial services involves many factors and requirements that the government needs to be cautious about. His response came on the topic of the existing bureaucracy which, in many cases, takes a long time to respond to applications, which in turn causes disinterest amongst investors.

The new regime commences Nov. 1 and will mostly affect the operation of some of the online-payment providers such as Macau Pass. RM