Top Banks in Macau
With no foreign exchange controls, Macau is an offshore financial center, a tax haven, and a free port.
With no foreign exchange controls, Macau is an offshore financial center, a tax haven, and a free port. Offshore finance is regulated and supervised by the Macau Monetary Authority, whereas offshore non-finance is regulated and supervised by the Macau Trade and Investment Promotion Institute.
Hong Kong and Macau had an open financial system in 2007, with no restrictions on currency movement. However, Macau has a different level of banking and finance than Hong Kong.
However, it is a financial center in its own right, with 27 licensed banks, four of which have their headquarters in Macau. Out of the twenty-seven licensed banks, sixteen are foreign.
Since its handover to China in 1999, Macau's economy has remained one of the most open in the world. Apparel exports and gambling-related tourism largely support Macau's economy.
Because Macau has little arable land and natural resources, it relies heavily on mainland China for food, fresh water, and energy imports. Japan and Hong Kong primarily supply raw materials and capital goods.
The Monetary Authority of Macau is Macau's currency board and de facto central bank. The Macau Special Administrative Region was established on December 20, 1999, following the transfer of sovereignty over Macau from Portugal to the People's Republic of China.
As a free port and without restrictions on forex regimes, Macau is considered a tax haven. In addition to its 27 licensed banks, Macau is a hub for top Asian commercial banks such as Banco Tai Fung and the Industrial & Commercial Bank of China.
Macau's banking sector must develop and urbanize rapidly to keep up with Hong Kong and Singapore.
NOTE
According to the International Monetary Fund, Macau was expected to surpass Qatar in 2020 as the location with the highest Gross Domestic Product per person on a purchasing power parity basis.
Top Banks in Macau: The Banking Sector Of Macau
Since the return of Macao to its Motherland, the Macao financial sector has weathered the international financial market crises. However, international financial markets are still experiencing upheavals despite overcoming the challenges.
According to relevant financial data, Macao's financial sector has remained stable and viable for several years. This is due to the practitioners' cohesive spirit when working together toward self-improvement.
The zone intends to establish a financial services platform connecting China and Portuguese-speaking countries, supports the rollout of cross-border yuan settlement services, and plans to lower the thresholds for Macau-funded financial institutions to establish banking and insurance institutions, among other bold initiatives.
Besides tourism, the financial sector already accounts for a significant portion of Macao's GDP, despite its continued reliance on gambling-centric tourism expertise.
As a result, the financial sector is the best option for Macau to diversify away from tourism, which the pandemic has severely impacted.
According to the new plan, the city will be transformed into a regional financial epicenter, supplementing the strengths of Hong Kong and Shenzhen, the two financial pillars of the Green Bay Area.
Overall, given the highly competitive environment in the banking sector and the increasing customer demand for various products and services, Macau policymakers should encourage the bank to diversify their sources of income in Banks and Bank Systems.
Fee-based services, such as mutual funds, unit trusts, securities, structured products, wealth management, and other customized services for specific customers, should be developed and improved.
Automated banking services such as Internet banking, phone banking, and mobile banking will supplement traditional banking services.
NOTE
When choosing to open a bank account, consider the size of the bank; whether English-speaking services are offered; the availability of online banking services; and whether the bank has branches in your home country.
If you're looking for a bank here, these are some of the best options available.
1. Bank of China
The Macau branch holds a full banking license and offers corporate and personal banking services in Macau. Macau’s Bank of China branch is their largest overseas branch. The active expansion has recently occurred in:
- Investment Banking
- Structural Financing
- Comprehensive Cross-border banking services,
- Internationalized professional services.
In 2016, the bank had 36 sub-branches, a total asset base of more than 540 billion Macanese Pataca (MOP), and a workforce of 1,600 people.
Local talents are provided with a diverse range of employment and social development opportunities, while economic development and wealth creation for society are encouraged.
The bank also provides the following services to its clients:
- Self-Service Coin Exchange Machine
- Automated Teller Machine
- Cash Withdrawal and Deposit Machine
- Cheque Deposit Channel
The Macau Branch is the largest overseas branch of the Bank of China, occupying 40% of the local business. Bank of China Macau Branch is a mainstream banknote issuing bank and an agent of the public treasury.
While dedicated to providing the best services to its customers, it fully supports the SAR Government to administer under the law and implement all financial and monetary policies effectively.
2. Industrial and Commercial Bank of China
It was previously known as Seng Heng Bank and is Macau's third-largest locally incorporated bank. The bank has 14 branches, three subsidiaries, and 500 employees in Macau.
It has increased its deposit-taking business as the largest local bank by tailoring its products to retail clients, large corporate customers, and government entities, thereby improving customer service.
Other initiatives include
- An integrated risk management framework that manages credit, market, and operational risks.
- Banking services expansion to cater to Portuguese-speaking countries as a development strategy.
- Trade Finance, Syndicated Loans, Investment Banking, Pre-settlement, Credit Card Acquiring, and Cash Management are some of the services provided by the company.
The Industrial and Commercial Bank of India (ICBC) established its branch in January 2020 in Macau, becoming the second most popular bank in Macau.
Relying on the market-leading position, diversified business structure, strong innovative capability, and brand value of ICBC, the Macau Branch provides customers with comprehensive financial services such as syndicated loans, special financing, trade financing, and international settlements.
ICBC strives to become an important finance and trade hub for the Greater Bay Area and Portuguese-speaking countries.
3. Tai Fung Bank
This top Macau bank was founded in 1942 by a group of Macau and Hong Kong businessmen. To strengthen its capacity, the Bank of China (Beijing) was invited to participate in 1984 as the bank's shareholders, holding 50% of the expected capital of MOP 160 million.
Following that, by 1991, the bank's capital had increased several times to surpass MOP 1 billion, and it now has total assets of MOP 151.9 billion.
They currently have 25 local branches. In addition to the traditional services of deposits, loans, and trade financing, the bank is involved in various financial development activities in Macau.
For example, Tai Fung Bank is introducing a brand-new interface, experience, and service through their latest Mobile Banking Application.
Tai Fung Bank employs 21-50 people and has $ 5-$10 million in revenue. The Head Office of this bank is in Macau as well. Deeply rooted in the local market, the bank will tap the potential of retail and corporate businesses, enhancing joint actions of different business lines.
The bank will do everything possible to accelerate product and technological innovation, put operational compliance in the first place, and uphold the bottom line of business development.
In the future, Tai Fung Bank will stick to a customer-centric and market-oriented approach, boost business innovation, deliver higher-quality services, and strive to be the “Best Bank in Macau.”
4. Luso International bank
The bank was founded in Macau in 1974 and later became a subsidiary of Xiamen International Bank Co. Ltd (XIB), China's first joint-venture bank, in 1985. Since then, the bank has evolved into a commercial bank with total assets of MOP 100 billion in 2016, with optimal quality.
It employs over 400 people and operates 13 branches in prime locations, allowing it to serve all types of customers. The bank aims to provide high-quality products and services, contributing to Macau's overall progress.
As one of the pillar banks in Macau, Luso International Banking Ltd. is working hard with the community to build a harmonious Macau.
In the future, they plan to keep pace with time, explore and innovate, actively respond to national strategic planning and deployment, and earnestly implement the company's development plans.
The bank also strives to achieve the value and mission of being a bank with warmth by constantly providing customers with more professional, high-quality, intelligent, and secure financial services.
It makes every endeavor to create greater value for society, shareholders, customers, and employees. Therefore, it plans to forge ahead firmly with the strategic goal of "high-quality and sustainable development."
5. Banco Nacional Ultramarino
This was a Portuguese bank founded in 1864 in Lisbon, Portugal, with operations worldwide, particularly in Portugal's overseas provinces.
Later, following the 2001 merger with Caixa Geral de Depósitos (A government-owned savings bank), it ceased to exist as an independent legal entity in Portugal and now operates under the brand name Banco Nacional Ultramarino.
In addition, it is the only other bank authorized by the Bank of China to issue Macanese Pataca BankNotes.
They strive to offer quality products and services to various individual and corporate customers to contribute to economic development, increased competitiveness, and the consolidation of results.
With an efficient corporate governance model and respecting the highest ethical standards, BNU provides clients with a diversified set of quality financial products and services, including deposits, investments, and credit facilities.
BNU also capitalized on innovation, contributing to the concept of a “Smart City” and focusing on supporting the internationalization of Macau’s companies.
6. OCBC Wing Hang Bank
Oversea-Chinese Banking Corporation Limited (OCBC) is a publicly traded financial services company headquartered in Singapore. Customers can get the following services from the Macau branch of OCBC Wing Hang Bank Limited:
- A sophisticated network for banking operations
- An improved market accessibility
- A diverse range of products and services catered to the customers' personal and business needs.
This bank has a presence in several Southeast Asian countries, including Macau, Singapore, Indonesia, and Greater China. It provides services such as
- Services for wealth management
- Services for Asset Management and Stockbroking,
- Treasury insurance services
OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its client’s goals.
OCBC Bank and its subsidiaries offer its customers an augmented banking network, global market access, and an extensive range of products and services for personal and business financial needs. The bank has an A.A.- rating from Fitch as one of the most high-rated banks in Macau.
7. Banco Comercial De Macau
Banco Comercial De Macau bank, founded in 1974, is one of the leading banks in Macau, serving local customers and working to develop the regional economy. It contributes to supporting major infrastructure investment projects and is involved in the ongoing maintenance of trade financing activities.
Macau's top bank offers a diverse range of high-quality financial products and services, such as loans, deposits, and insurance, through its extensive network of domestic retail outlets and other associated mediums.
The bank has always evolved with the changing environment. It has recently undergone restructuring plans, including
- Operation Organisation
- Technological Modernisation
- Renovation of Premises
- Corporate Image Development
BCM bank is one of Macau's leading banks. BCM bank has been serving its local customers and contributing to the development of the Territory's economy since its inception in 1974 by supporting major infrastructure investment projects and being traditionally involved in trade finance.
BCM Bank has undergone an ambitious restructuring plan in recent years, consisting of corporate image development and various other strategies, aiming to improve efficiency and prepare itself for the new century.
8. Well Link Bank
This Macau bank was founded in 1996 with a full banking license as a Macau subsidiary of Novo Banco S.A. of Portugal. Its name changed to Banco Well Link S.A. in September 2017 (Well Link Bank). It is a corporate services, trade finance, and private banking firm.
The organization has established networks with companies in Latin America and Africa, allowing Chinese companies to expand in these regions and vice versa. In addition, the bank encourages and supports Chinese companies needing funds for rapid expansion.
In 2016, the net profit was MOP 1.13 million. The bank's only other overseas branch is in Shanghai.
Well Link bank has established a fully-covered smart financing network in Macau and an all-round open smart finance services platform, serving as a bond between China and Portuguese-speaking countries, devoted to building a small yet efficient boutique bank.
They plan to uphold the principle of “Remain true to our original aspiration and serve the society sincerely,” preserving Macau’s community and expanding their services to the Greater Bay Area and China.
9. Macau Chinese Bank
Macau Chinese Bank was formerly known as Finibanco (Macau) but was purchased in 2002 by Winwise Holdings Limited (a subsidiary of Hong Kong Chinese Limited).
Hong Kong Chinese Limited specializes in investment holding and offers various opportunities like investing holding, investment in property, and property development.
This bank also provides financial services for underwriting, fund management, corporate financing, investment in securities and brokerages, lending, banking, and other services.
MCB also offers a wide range of services, including
- Insurance (General, Commercial, and Others)
- Services in Finance (SME Financing, International Trade, Import-Export Financing)
- Accounts for customer deposits and savings
- Services for Trading Securities
- Time Deposits in USD/EUR
At the dawn of a new era, Macau Chinese Bank plans to seize the development opportunities afforded by the Belt and Road and will place a premium on strict governance and strong talent.
Based on the general requirements of prospering the bank with technology, developing the bank with service, and adhering to the belief of showing what you want, it strives to build a high-quality international commercial bank in the Bay Area with independent brand characteristics based in Macau and radiating to the Greater Bay Area.
10. Banco Delta Asia
Banco Delta Asia bank, founded in 1935, is Macau's tenth-largest bank, with eight branches and 150 employees. The bank is currently permitted to accept deposits from North Korea due to special sanctions imposed by the U.S. government.
In March 2007, the U.S. Treasury ordered U.S. companies and financial institutions to cut links with the bank because of allegations concerning Banco Delta Asia's business with the government of North Korea, which kept $25 million at $ the bank in various accounts.
Although virtually every bank in Macau handled North Korean funds, U.S. regulators singled out Banco Delta Asia because the shutdown of a smaller bank would create less financial disruption.
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