The
SAR Government has drafted a bill aimed at laying the foundations for a system
that will drive technological innovation in the financial industry, according
to the Executive Council.
At a media briefing this morning, Secretary for Administration and Justice Cheong Weng Chon said that the draft legislation serves to encourage the growth of a modern financial industry in the city as proposed by the Five-Year Plan unveiled last year.
Modern
finance and high technology are cited as among five crucial drivers of an economically
diverse Macau by the city’s second development blueprint.
“A
provincial system of approval will be set up for the trial runs of financial projects
that are supported by technologies. This
will lead to application of innovative technology to financial businesses,” Cheong
said.
The bill, which will come under scrutiny at the city’s legislature soon, also seeks to introduce a restricted banking licence, streamline procedures for bonds issuance, and increase punishments and restrictions to deter illegal activities surrounding banking and deposits.
Gloss