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The MPFA and the Monetary Authority of Macao (AMCM) signed a Memorandum of Understanding (MoU) today (14 December) on information exchange, professional training and technical sharing to strengthen cooperation between the two regulatory bodies.

At the MoU signing ceremony, which was conducted virtually, MPFA Chairman Mrs Ayesha Macpherson Lau said, “The MPF System, established 21 years ago, has kept pace with the times by introducing numerous enhancements and reforms to improve the MPF System to meet the evolving retirement needs of the Hong Kong’s working population. In the meantime, MPFA is working full speed on the development of the eMPF Platform, which is the most important system reform to date. Following the signing of MoU, MPFA will share our experience and exchange views with the AMCM on the regulation of the financial industry.”

AMCM Chairman of the Board of Directors Dr Chan Sau San, said, “The legal framework of Private Pension Funds has been in place since 1999, and the Macao SAR has implemented the Non-mandatory Central Provident Fund System since 2018, resulting in the continuous increase in coverage of retirement protection of Macao citizens. To line with the adjustment of the Central Provident Fund System by the Macao Government in the future, AMCM will amend the current legislative framework making reference to Hong Kong’s experience in order to optimize the related amendment and regulatory work. Furthermore, with increasing concerns over retirement protection from citizens of Macau, AMCM needs to improve regulatory measures continuously.”

According to the MoU, the MPFA and AMCM may exchange non-confidential information related to research on retirement protection, and supervision of retirement schemes and regulated activities; conduct professional training related to the regulation of retirement schemes and intermediaries; arrange internships and secondments; and share their experience on regulatory policy.

Following the signing ceremony, representatives from both parties held the first meeting under the MoU to discuss further details in exploring and implementing the collaboration on various fronts as spelt out in the MoU as well as update each other the latest developments in respective jurisdictions.

MPFA Chairman Mrs Ayesha Macpherson Lau (second from left) and AMCM Chairman of the Board of Directors Dr Chan Sau San (second from right) signed an MOU on information exchange, professional training and technical sharing between the two parties.

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14 December 2021