Macau eyes temporary licences to lure fintech

Macau is planning to offer temporary licences for fintech trials to draw new types of financial institutions. The Monetary Authority of Macau said three bills are on the way to provide a legal basis for developing insurance, funds, and securities. The authority is developing the second phase of the payment system to extend its services to small inter-bank transfers or non-bank payments of Hong Kong dollars. The central bank will continue to promote the popularisation of cashless payment systems and coordinate with financial institutions to launch ‘Simple Pay’ to provide residents and merchants with more efficient payment tools. The authority added that 11 new financial institutions had set up in the city over the past five years, spanning fields such as payment services, financing and leasing, investment funds, and trading of financial assets.