Tai: Digital economy drives diversification

The Secretary for Economy and Finance, Anton Tai, has said that the digital economy is a critical engine for Macau’s economic diversification.

Tai noted this during his keynote speech yesterday at the Women in Business & Economics Forum.

“The digital economy is not only a product of technological change, but also a core driving force for reshaping the economic structure and enhancing competitiveness,” said Tai, while claiming “digitalization” to be the “new engine” for Macau’s transformation and encouraging female entrepreneurs to become creators and leaders in the region’s economic diversification.

“According to estimates by international financial institutions, the global digital payment transaction volume this year is about USD1 trillion (MOP8.1 trillion), and it is expected to increase fivefold to USD5 trillion (MOP40.4 trillion) by 2030,” he noted, pointing out the local rapid progress in digital payment infrastructure.

He remarked that the city recently installed over 100,000 mobile payment machines and QR code stands.

“The rapid growth is not achieved overnight. It is the sense of gain that everyone here can experience,” he said.

“The catch-up and efforts in the digital foundation, especially in the payment level, in the past few years are worthwhile,” said the Economy and Finance Secretary, underscoring how digital wallets seamlessly connect tourists to Macau’s services.

He also highlighted the government’s support for small and medium-sized enterprises (SMEs), noting several recent initiatives that have contributed to the modernization of several industries, starting with food and beverage establishments, but recently extended to other sectors.

Tai remarked that these efforts have helped more than 1,600 businesses upgrade digitally.

The forum, held as part of the 25th anniversary celebrations of the Macao Chamber of Commerce’s Women Affairs Committee, brought together experts from Macau and Hong Kong to discuss the digital economy and technological innovation.