The Monetary Authority of Macau (AMCM) warned residents in a statement yesterday not to apply for loans from unauthorised financial entities online.
According to the statement, the AMCM has recently spotted advertisements on Facebook and WeChat advertising loans in Hong Kong and Macau from an unauthorised company called “港澳貸款易”, which means “Hong Kong and Macau Easy Loan” in Chinese. The statement stressed that the company that is advertising the loan is not registered with the AMCM and is not permitted to provide investment activities. The AMCM urged residents not to fall for the advertisements and the loan scam to avoid “unnecessary financial damage”.
The statement underlined that only authorised financial institutions are allowed to carry out regulated financial activities in Macau,” according to the Macau Financial System Law. The statement pointed out that any person or entity engaging in regulated financial activities without the authorisation of the Macau Monetary Authority commits a “serious breach” of the Macau Financial System Law and is subject to a fine of up to 5 million patacas.
