Skip to content
Menu

Laws lag behind need for financial development says Macau Financial Employees Association

Domingos Savio Chang, who heads the Macau Financial Employees Association, said on Thursday that the city’s outdated laws and rules regulating the financial sector, as well as the insufficient number of qualified professionals, were hindering the development of the sector in Macau. Chang made the comments during a press conference about an upcoming event to provide […]

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 5:51 am

Domingos Savio Chang, who heads the Macau Financial Employees Association, said on Thursday that the city’s outdated laws and rules regulating the financial sector, as well as the insufficient number of qualified professionals, were hindering the development of the sector in Macau.

Chang made the comments during a press conference about an upcoming event to provide residents with financial information. The press conference was held on Thursday at the Macau Institute of Financial Services near Praça do Tap Seac.

The event, which is being co-organised by the Macau Monetary Authority (AMCM), Financial Intelligence Office (GIF), the association, institute and six other financial-sector associations, will be held in Praça da Amizade tomorrow.

According to Antonio Jose Felix Pontes, who heads the Macau Institute of Financial Services, the event will provide the latest financial information, being the first of its kind in the city.

Pontes also said his institute would consider organising the event every year, so as to provide residents with the latest information on the ever-rising variety of financial products.

The one-day event will include talks, Q&A sessions, games and lucky draws, according to Pontes.

Of the 19 support measures announced by Premier Li Keqiang during his three-day visit to Macau earlier this month, some are related to a stronger role for Macau as a financial service platform between China and Portuguese-speaking countries (PSCs).

Those measures include developing Macau as a yuan clearing house for Portuguese-speaking countries (PSCs), setting up a system for trade-credit insurance for PSCs and making Macau the headquarters of the Co-operation and Development Fund between China and PSCs.

Speaking to reporters during the press conference, Chang said, “The local government’s Five-Year Development Plan calls for the development of a financial service platform with special features… However, the current laws and regulations are unable to deal with such development concept.

“The current laws and regulations impose many restrictions on potential funds being brought or transferred into the city for purposes such as savings and investments”, Chang said.

(Macau News / The Macau Post Daily)

UPDATED: 22 Dec 2023, 5:51 am

Send this to a friend