Macao’s finance chief, Anton Tai Kin Ip, announced yesterday that the government would further promote financial technology and the financial sector as a catalyst for economic growth and diversification.
The pledge was made during his speech at the opening ceremony of the 4th Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Finance Forum 2025, held at the Wynn Palace in Cotai. The speech was reported by Macau Post Daily.
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The one-day event was jointly organised by the Renmin University of China’s (RUC) National Academy of Financial Research, its China Capital Market Research Institute, and the Macau Association of Banks (ABM).
Tai underscored the local government’s so-called “1 + 4” economic diversification plan, which formally lists finance as a nascent industry. This policy aims to consolidate and diversify the central economic pillar of tourism (“1”) while promoting four new key industries (“4”): Life sciences and healthcare, led by traditional Chinese medicine (TCM); financial technology and finance; advanced technology; and events including conferences and sporting and cultural events.
Deepening regional and national integration
Tai stressed the government’s focus on developing Hengqin and vigorously participating in the broader GBA framework. These initiatives are intended to integrate Macao’s development into the nation’s overall strategy and build a solid foundation for the financial sector’s coordinated regional development.
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The policy secretary reiterated the goal of leveraging Macao’s unique advantages to build a platform for high-level opening up that connects globally and serves the country’s “dual circulation” development pattern. This national strategy prioritises strengthening the domestic market (“internal circulation”) while keeping international trade (“external circulation”) as a vital, but secondary, component.
Key financial sector initiatives
Tai said that since the new-term government took office in December last year, the acceleration of the modern financial sector has placed a strong emphasis on three core areas: the bond market, wealth management, and fintech.
In the bond market, the government is steadily optimising its central securities depository (CSD) system and deepening its linkage with Hong Kong’s counterpart. Furthermore, a securities bill is being drafted to accelerate the creation of a bond market that can bridge the Chinese mainland and international markets, catering to the financing and investment needs of the GBA and the Hengqin cooperation zone.
Meanwhile, a new law regulating investment funds is due to take effect next month, which is set to further optimise the legal foundations and development environment for Macao’s fund industry. The government will also continue to deepen cooperation mechanisms with the Chinese mainland and Hong Kong, such as the “Cross-boundary Wealth Management Connect” scheme, to promote the integration of the three regions’ wealth management markets.
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As for financial technology, Tai said that the government had completed an upgrade of its real-time settlement system. This system now covers the GBA’s three legal tenders – yuan, the Hong Kong dollar, and the Macao pataca – improving efficiency in fund transfers and risk management.
Macao has also signed a memorandum of understanding with the People’s Bank of China to jointly promote the interconnection between the Chinese mainland and Macao’s fast payment systems.
The city is participating in joint testing of cross-border fintech pilot projects within the GBA, and progress is also being made on the digital pataca development project, officially known as e-MOP, with the core system construction completed. Small-scale transaction tests are currently being carried out in a “sandbox” environment for continuous system improvements.
Future outlook
Looking to the future, the government is working to improve the system and mechanism for supporting technological innovation by establishing a government industrial fund and a guidance fund. A working group has already been set up to plan and prepare for the establishment of these two funds, Tai said.
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He concluded by noting that next year marks the start of both the nation’s 15th Five Year Plan (2026 to 30) and Macao’s third five-year socioeconomic development plan (2026 to 30). He affirmed that the local government will continue to promote the financial sector’s role in economic diversification while also taking on a greater role in advancing the development of the GBA and the in-depth cooperation zone.
