The Banking System of Macao
The Monetary Authority of Macao (AMCM) was established in 1989 with the function of a quasi-central bank and the power to supervise the financial system of Macao. The Financial System Act was promulgated in 1993 with the introduction of reforms placing great emphasis on preventative actions, highlighting particularly prudential rules for controlling entry requirements, monitoring the suitability of qualified shareholders and managers, new operating risks and consolidated supervision of financial groups. The Act adopts the recommendations of the Basle Committee on Banking Supervision and the efforts of the European Union to achieve harmonization in banking legislation while drawing on the experiences of countries and territories whose financial systems are similar to Macao's.
Under the Financial System Act, the following licenses of credit institutions are granted on a case by case basis by the Chief Executive of Macao SAR, on advice from AMCM:
a) Banks incorporated in Macao;
b) Macao branches of banks incorporated overseas;
c) Postal Savings Office;
d) Other credit institutions.
In addition, under Decree-Law no. 15/83/M of 26th of February and Decree-Law no. 51/93/M of 20th September, the following credit institution licenses will be granted respectively by the Chief Executive of Macao SAR, on advice of AMCM:
a) Finance companies;
b) Financial leasing companies.
At present, there are 31 banks, of which 12 are locally incorporated (including the Postal Savings Office) and 19 are branches of overseas banks. In addition, there is a finance company with restrictive banking activities, 2 financial leasing companies and a non-bank credit institution that dedicates to the issuance and management of the electronic money stored value card services.
|Structure of licensed banks:||Number of banks|
|Total number of banks:||31|
|Banks with headquarter in Macao:||6|
|Subsidiaries of overseas banks:||6|
|Foreign bank branches:||19|
Last revision: 2020-01-06 09:25:32