The Monetary Authority of Macao (“AMCM”) is aware of the use of“Yourpay＂application by the public to conduct money transfers from Macao to Indonesia, and the promotion of such application to residents in various social media platforms. AMCM alerts the public that“Yourpay＂is not an authorized application for conducting any regulated financial activities in the Macao Special Administrative Region.
Pursuant to Paragraph 1 of Article 2 of the Financial System Act of Macao as approved by Decree-Law No. 32/93/M on 5 July 1993, only authorized financial institutions are allowed to carry out regulated financial activities in Macao. Any persons or entities engaging in these activities without authorization constitutes a “serious violation” under Paragraph 2(b) of Article 122 of the Financial System Act of Macao and is subject to a fine of up to MOP5 million.
AMCM reiterates that the public should conduct financial activities through authorized institutions in order to avoid being scammed and incurring unnecessary losses.