• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

No official UnionPay ban for Macau pawnshops: regulator

Jun 06, 2018 Newsdesk Latest News, Macau, Top of the deck  


No official UnionPay ban for Macau pawnshops: regulator

The Monetary Authority of Macao said on Wednesday it has not barred the city’s banks from installing China UnionPay Ltd terminals in any “particular industries”.

The announcement was made after several investment analysts covering the gaming sector saying on Tuesday that UnionPay machines had been removed from certain outlets in Cotai casinos.

Rumours had been circulating that late last week, two banks – Industrial and Commercial Bank of China (Macau) Ltd and Bank of China Ltd Macau Branch – had ordered the removal of UnionPay point-of-sale (POS) devices from what analysts termed either “pawnshops” or “jewellery shops” located in Cotai casinos.

At least one brokerage – JP Morgan Securities (Asia) Ltd – has said the issue was also affecting pawnshops and jewellery shops inside casinos on Macau peninsula.

Staff at some of the Cotai outlets were vague on the details, according to the brokerages, but indicated to researchers they had been told that machines had been removed for “upgrade”. Those quizzed had no clear information on when or if such machines would be replaced.

In its Wednesday release, the Monetary Authority of Macao did not directly mention the removal of point-of-sale devices in Cotai. It said it “does not forbid banks from establishing business relationships with merchants of particular industries, but requires banks to equip themselves with appropriate and adequate risk management measures.”

The city’s financial regulator added: “Banks are obliged to perform adequate due diligence on, and ongoing monitoring of, the merchants in order to prevent the abuse of POS machines [for] illegal activities.”

Pawnshops are said by investment analysts to be a route whereby funds from mainland China can be moved cross-border – evading the normal currency export rules from the mainland – by the purchase, typically via UnionPay bank cards, of high-value goods such as watches or jewellery, and then their return for a cash refund.

The monetary authority stated in its Wednesday release “when irregular or abnormal transactions are identified, banks should adopt appropriate actions according to respective risk management measures, including terminating the business relationship with merchants, to prevent involvement in any illegal acts.”

The regulator added that only banks, the Postal Savings Office, moneychangers and remittance companies were currently allowed to provide money exchange and remittance services in Macau.

On Wednesday, Lui Che Woo, chairman of Macau casino operator Galaxy Entertainment Group Ltd, which runs the Galaxy Macau casino resort on Cotai, was asked about the UnionPay issue on the sidelines of the annual meeting in Hong Kong for his family’s legacy business, building materials conglomerate K. Wah International Holdings Ltd.

Mr Lui was indirectly quoted by Chinese-language news outlet Sing Tao as saying that it might be connected with the Chinese government not wanting unchecked growth in the Macau industry. He added that his company would respect any policy or decision made by the Chinese government.


  • tweet
Related articles
  • Some non-gaming at Macau resorts shut, hotels running
    Some non-gaming at Macau resorts shut,...

    Jun 20, 2022  

  • Macau probes up to US$36mln in missing agent deposits
    Macau probes up to US$36mln in missing...

    Mar 31, 2022  

More news
  • Covid-19 test certificate to enter Macau casinos
    Covid-19 test certificate to enter...

    Jun 27, 2022  

  • Parisian quarantine hotel as Macau Covid cases near 360
    Parisian quarantine hotel as Macau...

    Jun 27, 2022  


Latest News

Covid-19 test certificate to enter Macau casinos

Covid-19 test certificate to enter Macau casinos

Jun 27, 2022  

Macau’s health authorities said on Sunday that they would require all people wishing to enter the city’s casinos not only to have their body temperature measured and to display a...
Read More
Parisian quarantine hotel as Macau Covid cases near 360

Parisian quarantine hotel as Macau Covid cases near 360

Jun 27, 2022  

Maybe new Macau mass Covid test, community spread still

Maybe new Macau mass Covid test, community spread still

Jun 24, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


357

The aggregate number – as of end of Sunday – of confirmed infections in Macau linked to the most serious Covid-19 outbreak impacting the city since the start of the pandemic in 2020



Most Popular

  • Maybe new Macau mass Covid test, community spread stillMaybe new Macau mass Covid test, community spread still June 24, 2022
  • Blackstone clinches US$6.15bln takeover of Crown ResortsBlackstone clinches US$6.15bln takeover of Crown Resorts June 24, 2022
  • Parisian quarantine hotel as Macau Covid cases near 360Parisian quarantine hotel as Macau Covid cases near 360 June 27, 2022
  • Covid-19 test certificate to enter Macau casinosCovid-19 test certificate to enter Macau casinos June 27, 2022
  • Jeju still studying online gaming for its casinos: govtJeju still studying online gaming for its casinos: govt June 24, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us