The development of communication media, especially
mobile devices with internet access, has led to the appearance
and rapid growth of several new types of electronic payment
services. In particular, as technology advances, software
applications that can be used from mobile devices have quickly
developed as easy, reliable and secure platforms from which to
perform payment transactions, thus increasingly gaining
popularity among consumers and retailers.
For obvious reasons, Macau SAR provides an appealing arena
for the use of such payment methods, especially by retailers
and hospitality service providers, as these platforms
exponentially facilitate international transactions with
reduced risks.
In many legal systems, legislation has been put in place to
regulate the advances in these areas. This legislation often
not only provides a comprehensive regulatory framework for
payment services and payment services institutions, but also
regulates the licensing process in terms that allow
non-traditional financial institutions also to provide these
services.
In Macau there is still no specific regulation in this area
and therefore the matter falls under the Macau Financial System
Act (DL 32/93/M), which sets out the legal infrastructure of
the Macau financial system. The provision of payment services
as well as the issuance and management of payment means
constitutes a financial activity, and therefore only financial
institutions duly licensed by the Macau Monetary Authority may
provide such services in Macau. The law however, provides no
definition of payment services, which naturally raises issues
as to whether certain activities qualify as financial activity
or merely as simple ancillary services.
The types of financial institutions that may provide payment
services include banks and special financial institutions set
up exclusively to provide such services under a 'non-bank
credit institution licence'. Any international player engaging
in these activities may therefore operate in Macau either in
collaboration with a local financial institution or by setting
up a local subsidiary or branch exclusively dedicated to such
activity.
The licensing procedure requires verification of the
proposed institution's financial capability and of the
suitability of its principal representatives and shareholders.
The law, however, does not specify the capital requirements for
setting up and licensing such an entity. Those requirements
will be defined in an executive order, after consideration of
the information concerned in each particular application.
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| João Nuno Riquito |
Rui Filipe Oliveira |