The Macau Monetary Authority (AMCM) announced in a statement on Friday that the “Yourpay” application is not an authorised app for conducting any regulated financial activities in Macau.
According to its website, Yourpay is “a mobile banking service for Indonesian migrant workers overseas and their families”.
Macau’s quasi-central bank noted in the statement that it was aware of the application’s use by members of the public to carry out money transfers from Macau to Indonesia and its promotion on social media platforms.
The statement pointed out that according to Paragraph 1 of Article 2 of Decree-Law No. 32/93/M, “only authorised financial institutions are allowed to carry out regulated financial activities” in Macau.
The statement underlined that people or entities engaging in the activities without authorisation commit a serious violation under Paragraph 2(b) of Article 122 of the decree law, facing a fine of up to five million patacas.
The regulator urged members of the public to only carry out financial activities through authorised institutions, in order to avoid being scammed and incurring unnecessary losses, according to the statement.
This image downloaded from the “Yourpay” website last night shows a page from the app.
