MACAU SAR, CHINA Law and Practice Contributed by: Frederico Rato, Pedro Cortés and Calvin Tinlop Chui, Lektou
net worth individuals (HNWIs), which, in some cases, involves tailored lending and mortgage strategies. More financial institutions have been extending their cross-jurisdictional abilities to companies and indi- viduals engaged in businesses or transactions across the Pearl River Delta Metropolitan Region, including in neighbouring Hengqin Island, Hong Kong and Guang- dong Province. It is expected that the number of Mainland China companies issuing bonds in Macau will increase over time. Banks in Macau have become increasingly experienced in bond-related services, particularly underwriting and the custody of corporate bonds, as well as the management of corporate bonds issuance and trading. Recently, the People’s Government of Guangdong Province has announced that it will issue renminbi-denominated offshore municipal govern- ment bonds in Macau. 1.6 ESG/Sustainability-Linked Lending ESG (environmental, social and corporate govern- ance) has been a major topic of discussion in recent times among public authorities and NGOs. In 2025, forums such as the Macao International Environmen- tal Co-operation Forum & Exhibition (MIECF) and the Macau ESG Awards have reinforced the importance of ESG. It is expected that policy development on this topic and sustainability-linked lending will continue to be discussed in the coming years. 2. Authorisation 2.1 Providing Financing to a Company Only licensed banks, certain restricted licence banks and those financial institutions that have been prop- erly constituted and authorised under the terms of the Macau Financial System Act (Law No 13/2023) or special legislation – ie, the Finance Companies Act (Decree-Law No 15/83/M) – are allowed to provide, on a habitual basis and with a view to profit, lending, guarantees and other commitments, financial leasing and factoring in Macau. Authorisation is granted by the Chief Executive of Macau on advice from the AMCM and, in general
terms, entities willing to incorporate a credit institution in Macau should submit their application through the AMCM, accompanied by relevant information. This information includes, inter alia: • a feasibility study report and business plan, which should outline the economic and financial reasons for incorporating the institution, the types of busi- ness operations planned and how the business operations of the institution align with the econom- ic and financial policies pursued by the competent authorities of Macau; • a description of the proposed corporate govern- ance, risk management, internal controls and emergency recovery plans, as well as the mecha- nisms for preventing and combating money laun- dering and terrorist financing; • a draft of the memorandum and articles of associa- tion; • information about the shareholders, the extent of their shareholding in the credit institution, and an explanation of the adequacy of the shareholder structure to ensure the stability of the credit institu- tion; • information on any entities with a direct or indi- rect holding of 5% or more of the institution to be incorporated, including a list of other entities in which these entities are qualifying shareholders, as well as the organisational structure of the respec- tive group; • information on the members of the administrative and supervisory bodies, including their qualifica- tions and experience; • a description of the source of funding and the human, material, and technical resources; and • any other information the AMCM deems necessary for proper evaluation of the application. The decision on the application for authorisation shall, inter alia, take into account: • the suitability of the qualifying shareholders; • the adequacy and feasibility of the business plan; • the soundness and effectiveness of the corporate governance structure and the risk management system. • the adequacy of the human, technical and finan- cial resources required for the type and volume
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