Financial Industry

Macao has been promoting the development of the financial industry with an emphasis attached to the development of the bond market, wealth management, financial leasing and cross-border financial business. While striving to become engaged in and serve the Guangdong-Hong Kong-Macao Greater Bay Area, the city is committed to establishing itself as the “Financial Service Platform between China and PSCs” and contributing to the “Belt and Road” construction. 

In 2021, the financial industry became the second largest industry, accounting for 15.4% of the total added value of the entire industry, up by 8.5% from 6.9% in 2019.


  • As of the end of 2021, there were 31 banks in Macao. The assets of the banking sector totalled over MOP 2.7 trillion with a capital adequacy ratio of 14.7% and a non-performing loan ratio of 0.7%.



  • As of the end of 2021, there were 25 insurance companies in Macao. The assets of the insurance sector totalled MOP 219.9 billion with an insurance penetration rate of 15.3%.


Bond Market

  • Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX) was established in October 2018, where over MOP 340 billion of various bonds, including national bonds, financial bonds, corporate bonds and green bonds, have been listed as of late September 2022. The bonds cover a range of currencies such as the Renminbi, US dollar and HK dollar.
  • In 2022, the Ministry of Finance of the People’s Republic of China once again issued RMB 3 billion worth of sovereign bonds in Macao, after the previous release in 2019 and supported Guangdong Province in the release of offshore bonds amounting to RMB 2 billion in Macao after the previous issuance in 2021. These two bonds are now entrusted to the Macao Central Securities Depository (CSD), marking the first time for CSD, since its launch at the end of last year, to offer registration and depository services for sovereign bond and local government bond.

Wealth Management

  • As of the end of 2021, there were over 410,000 wealth management clients in Macao with an investment portfolio market value of MOP 225.1 billion. In February 2021, the “Memorandum of Understanding on the Launch of the Cross-Boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area” was signed by financial authorities of the Mainland, Macao and Hong Kong. In September 2021, the online ceremony of Cross-boundary Wealth Management Connect (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area was held and implementation arrangements of Wealth Management Connect were also published.
  • Law No. 15/2022 “Trust Law” came into force on 1 December 2022, helping financial institutions to provide investment and wealth management products in the form of trust.
  • In order to enrich the wealth management business, the Monetary Authority of Macao issued the “Guidelines for Management and Operation of Private Equity Investment Funds” in January 2022, and is currently revising the “Law of Funds” to further clarify the regulatory framework for private equity funds, laying a foundation for the long-term development of fund businesses.

List of financial institutions in Macao, please visit here