At the invitation of China UnionPay (CUP), the Monetary Authority of Macao (AMCM) visited its headquarters in Shanghai to exchange views about the latest business development of CUP in Macao as well as relevant cooperative arrangements with regard to supervision. The two parties have achieved consensus on various issues, including establishment of regular contact mechanism, strengthening of the management over CUP merchants in Macao and measures for risk prevention and mitigation.
During the visit, the AMCM Chairman, Anselmo Teng, pointed out that CUP cards as an important means of payments for tourists from Mainland China and Hong Kong have contributed significantly to the development of the tourism-based economy of Macao. At the same time, CUP cards issued by financial institutions in Macao offered an alternative payment instrument for Macao residents when they made consumption purchases locally or in the Mainland. The AMCM would facilitate its business development in Macao and would support the enhancement of the environment for bankcards’ acceptance and issuance. The AMCM would also work with CUP and local acquiring institutions to ensure the soundness of the risk control and prevention mechanism of bankcards and to strengthen the ability of risk responsiveness and standard of management over CUP merchants.
The CUP President, Xu Luode, mentioned to AMCM representatives that CUP has been strictly complying with the legal and regulatory requirements of Macao during its business development process. Looking ahead, CUP would enhance its cooperation with the AMCM and raise its quality of services through providing training and guidance for acquiring institutions and merchants, and suppressing bankcard crimes in collaboration with judiciary authorities, so as to ensure a safe and efficient operating environment for CUP cards and contribute to the economic prosperity of Macao.
Meanwhile, representatives of the AMCM made a tour to the Information Centre and the Customer Services Centre of CUP, which deepened their understanding of the operations of interbank settlement system, risk management system and customer support system of CUP cards.
