The Banking System of Macao
The Monetary Authority of Macao (AMCM) was endowed with powers to supervise the banking system of Macao by the Financial System Act as approved by Decree-Law No. 32/93/M of 5 July 1993. The Financial System Act was promulgated in 1993 and is the overall legal framework applicable to financial activities in Macao (the insurance industry is regulated by other regulations).
The Financial System Act mainly adopts the supervisory principles and guidelines recommended by the Basel Committee on Banking Supervision and draws on the experiences of the European Union as well as countries and territories whose financial systems are similar to Macao's. The Act focuses on preventive principles, with particular emphasis on prudential rules to regulate financial business, including ongoing assessment of the suitability of qualified shareholders and persons with management mandates, monitoring of the different kinds of risks involved in business operations and the introduction of consolidated supervision of financial groups.
According to the Financial System Act, the following banking institution licenses are granted on a case by case basis by the Chief Executive of Macao SAR, on advice from AMCM:
|Number of institutions|
|Banks incorporated in Macao||11|
|Branches of banks incorporated overseas||19|
|Postal Savings Office||1|
Last revision: 2021-04-16 13:57:52