Macao’s new Financial System Act (FSA) comes into effect today, replacing legislation harking back to the Portuguese administration, according to a local media report.
The law, which got the green light from the Legislative Assembly in July, has been designed to facilitate the SAR’s transition into a modern finance hub.
It creates a more flexible licensing environment for a broader range of financial institutions, enables the use of new financial technologies, and streamlines processes around bond issuances, among other things.
[See more: The eligibility criteria for financial talent recruitment schemes has been revealed]
Under the new law, non-financial institutions can obtain temporary licences to carry out fintech projects under certain conditions.
The Monetary Authority of Macau has been upgrading a number of laws relating to the SAR’s financial framework during the past year, and more are expected to follow.
In a statement, the authority reportedly said that it would also “undertake work related to the development of the Securities Law, which covers the bond market, and the revision of the law regulating the establishment and operation of investment funds and fund management companies.”
