The AMCM is responsible for the supervision of financial institutions. The financial sector in Macao is mainly composed of banks, insurance firms, moneychangers and finance intermediaries. Credit to the economy is mainly generated by the banking sector. At present, there are 26 licensed banks and one government-owned postal savings bank. Of the licensed banks, 11 are locally incorporated and the rest being branches of foreign banks. Meanwhile, there are 24 insurance companies, 10 moneychangers, one finance company and two financial intermediaries in Macao.