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1º ANUNCIO
e-MOP prototype to be unveiled before the year-end: CE
The prototype of Macau’s digital currency (e-MOP) will be revealed before year-end, the Chief Executive (CE), Ho Iat Seng, said yesterday morning during the opening ceremony of the 2nd Conference of Central Bank Governors and Financial Officials between China and Portuguese-speaking Countries.
In his speech, the CE announced that the e-MOP prototype will be unveiled before the end of this year, presenting basic features that will lay the groundwork for future applications and uses.
Ho hinted that the release would occur as part of the celebrations around the 25th anniversary of the Macau handover, which takes place on Dec. 20.
“This edition of the conference will be a platform for the exchange of ideas concerning financial cooperation between China and Portuguese-speaking countries, Macau’s role as a Sino-Portuguese Financial Services Platform, and the implementation of central bank digital currencies, a hot topic that attracts great attention from central banks around the world,” the CE said. “Given the global trend of central bank digital currency development, the Monetary Authority of Macao (AMCM), with the support of the People’s Bank of China, is co-operating with the Digital Currency Institute of the People’s Bank of China to develop a research and development (R&D) project to create the Macau Digital Pataca. AMCM also plans to hold a public presentation of the prototype system of the e-MOP later this year, in celebration of the 25th anniversary of Macau’s return to the motherland.”
On the same topic, the CE reaffirmed the dependence and reliance on Chinese systems and technologies to introduce the e-currency to Macau, admitting, “We rely on the country’s advanced technological strengths to introduce modern, digital economic developments elements into Macau’s monetary system, to meet the requirements of the long-term development of the Macau SAR.”
Briefly after the CE’s speech, AMCM announced further details about the launching of the e-MOP, noting in a press statement that the e-MOP, “is unlike common private cryptocurrencies, in that it is legal tender in digital form.” According to law 10/2023, it has the same legal status as physical banknotes and coins, and equivalent monetary value.
AMCM also noted that the e-MOP “has zero credit risk, and is classified as a higher-level security asset.”
The authority indicates that during the different R&D phases, it will conduct testing in a controlled environment (referred to as a “sandbox” test environment). This testing aims to ensure the security and stability of Macau’s monetary system, “exploring the application scenarios of the e-MOP and assessing the various types of risks following the principle of prudence.”
https://macaudailytimes.com.mo/e-mop-prototype-to-be-unveiled-before-the-year-end-ce.html
2º anuncio
e-MOP digital currency to commence trial operations by end of 2025: BOC
Macau will launch a trial operation of its digital currency, dubbed “e-MOP,” for select users and entities by the end of 2025, following a public showcase of the prototype by the end of this year, said the Bank of China Macau Branch (BOC Macau), the operational entity for the initial phase.
The Monetary Authority of Macao (AMCM) has disclosed the e-MOP prototype “with basic functions” will be publicly demonstrated by year’s end.
Jia Tianbing, general manager of BOC Macau, emphasized the bank’s full commitment to developing the prototype system to align with the authorities’ plan for the public demonstration.
AMCM president Chan Sau San said the central bank digital currency will undergo testing and deployment across three phases before an official launch, with BOC Macau as the initial operator.
Jia emphasized the importance of developing the local CBDC noting, “digital finance represents a global trend” as mainland China and Hong Kong also work on their own digital currencies, as cited in local media reports.
“The rollout of e-MOP can seamlessly integrate Macau into the economic and social development of the Guangdong-Hong Kong-Macao Greater Bay Area without impediments,” he said.
Hong Kong initiated its e-HKD project in June 2021 to assess the viability of introducing an e-HKD for individual and corporate use.
“The evolution of the digital economy is the global trajectory of development,” Jia added.
China has been trialing digital RMB since 2020, with features dedicated to a digital RMB wallet and mobile applications.
The executive stressed e-MOP’s key difference, noting that, “Children under 12 cannot open bank accounts, the elderly are less acquainted with mobile payments, and tourists lack local bank accounts. These groups encounter distinct obstacles hindering their use of mobile payments, impacting daily routines and experiences,” he said.
“In contrast, e-MOP, as legal tender, is tailored to cater to citizens of all age groups” and “will especially benefit the young, elderly and tourists, facilitating seamless use of e-MOP for day-to-day transactions and payments.”
The Legal System for Currency Issuance was revised last year to affirm CBDC as legal tender.
Chan disclosed plans for two types of e-MOP wallets – a dedicated mobile app wallet and a hard wallet like smart devices and stored value cards.
As one of two banknote issuing banks in Macau with parent Bank of China’s involvement in China’s digital RMB, the BOC Macau is well-positioned to aid in e-MOP research and development, said Jia.
He cited enabling over 40,000 merchants to accept digital and physical digital RMB wallets during the 2022 Beijing Winter Olympics, indicating a potentially similar scenario could unfold in Macau’s tourism-driven economy and future.
The launch of the “Digital Macau Dollar,” as denoted by Jia, resonates with Macau’s strategic importance as the ‘World Centre of Tourism and Leisure,’ marking a significant step towards financial diversification and technological progress.
Coinciding with the 25th anniversary of Macau’s return to the motherland in 2024, the launch of the e-MOP is considered a manifestation of financial assistance to Macau’s diversification.
Mobile payment transactions in Macau surged to 300 million in 2023, with a transaction value of MOP28.1 billion dollars, marking a remarkable increase compared to pre-COVID levels in 2019.
Following the start of the trial operation, Jia said, “We will progressively broaden the scope of the e-MOP application and enhance the system’s functionality, thereby supporting local economic development and showcasing tangible financial service accomplishments to the public.”
https://macaudailytimes.com.mo/e-mop-digital-currency-to-commence-trial-operations-by-end-of-2025-boc.html
He said the e-MOP is not associated with bank accounts, which will expand the scenarios and groups eligible for mobile payments, making it more convenient and popular. Victoria Chan
BOC Macau as operating entity in first phase of local digital currency: Monetary Authority
A digital pataca (e-MOP) will undergo gradual testing and deployment in Macau across three phases prior to an official launch, with Bank of China Macau Branch (BOC Macau) selected as the operating entity for the initial stage, Chan Sau San, Chairman of the Monetary Authority of Macao (AMCM), revealed.
The city’s de facto central bank, however, refrained from confirming a timeline for the ultimate rollout, citing a cautious approach to ensuring local financial stability.
The AMCM revealed on Monday that a prototype of the e-MOP with “basic functions” would be publicly showcased by the end of the year, and sandbox tests will be planned for the prototype. This feasibility study into the digital currency is carried out in collaboration with the Digital Currency Research Institute of the People’s Bank of China, the country’s central bank.
This development follows the revision of the Legal System for Currency Issuance last year, which established digital currency as legal tender in Macau, marking a significant step for the local central bank digital currency (CBDC).
In an interview with local media outlets, including MNA, on Tuesday, Chan shared that the year-end showcase will illustrate the entire process of e-MOP issuance, exchange, payment, transactions, and settlements, alongside the publication of a white paper outlining the digital currency’s vision.
Chan pointed out there would be two types of e-MOP wallets in the future: a dedicated e-wallet through mobile application and a hard wallet. “The hard wallet could be integrated into smart devices or even stored value card, catering to the needs of the elderly and children,” he illustrated.
The AMCM president also said that BOC Macau, one of the city’s two banknote issuing banks, will be the operating entity in the first phase of the e-MOP, responsible for developing and testing the customer portal of the system.
“[The e-MOP] is akin to our existing monetary issuance system, which operates on a dual-layered structure,” remarked Chan. “[The e-MOP] represents the monetary liability of the SAR government, backed by a 100-percent reserve. Day-to-day operations, such as issuing currency to the public, will be managed by financial institutions.”
Any financial institutions besides BOC Macau could potentially become operating entities for the e-MOP in the future by meeting specific criteria like customer base size and capital value, he added.
Three phases
With a public demonstration of the prototype scheduled by year-end, Chan outlined that the future development of the e-MOP will be segmented into three distinctive phases.
The initial phase will focus on constructing the necessary infrastructure and core system, encompassing the establishment of the technical architecture of the e-MOP, defining its functional scope, designing the user interface, among other crucial elements.
The subsequent phase will involve an internal trial operation comprising numerous sandbox tests, gradually expanding the e-MOP’s utility to retail payments and beyond. “During this phase, updated rules and regulatory guidelines will be introduced, along with the introduction of new operating entities, in alignment with the outcomes of the trial operation,” remarked Chan.
In the third phase, a comprehensive public testing will ensue. “Guided by the relevant regulations, guidelines, and standards, and supported by a highly stable and practical system, pilot testing will be progressively broadened to integrate the e-MOP into various payment scenarios of the general public,” he elaborated. The AMCM will also explore the integration of the e-MOP into cross-border payments and inter-bank settlements during this stage, he added.
However, Chan stated on Tuesday there were no specific timelines for these phases and the official launch of the e-MOP.
“Numerous central banks globally are engaged in research and development on CBDC… but few have progressed significantly,” he noted. “Therefore, caution and prudence are crucial as [the e-MOP] represents legal tender that impacts each and every one of us.”
“We are actually ahead of many jurisdictions, as several have yet to amend their laws to incorporate digital currency within their monetary issuance framework,” he added.
The AMCM and the Digital Currency Research Institute of the People’s Bank of China will conduct a thorough assessment across all facets, and the official launch of the e-MOP will only proceed if risks are deemed manageable, he concluded.
Immediate settlement
The official emphasised that the e-MOP will play a pivotal role in two primary scenarios in the future—facilitating retail payments for residents, tourists, enterprises, and government departments, as well as expediting financial transaction settlements and money transfers among financial institutions.
The testing of the e-MOP coincides with a surge in mobile payments within the city. In 2023, the total number of mobile payment transactions soared to 300 million, with a transaction value of MOP28.1 billion (US$3.5 billion), marking an increase of about 1,820 percent and 2,300 percent, respectively, compared to pre-Covid levels in 2019.
Chan highlighted that the e-MOP distinguishes itself from mobile payments. For instance, merchants are still required to settle transactions with financial institutions post-customer completion of transactions via mobile payments. “With the e-MOP, transactions are instantaneously settled akin to cash… with zero credit risks,” he elucidated.
In addition, the AMCM will explore potential interlinkages between the e-MOP, digital yuan, and the digital Hong Kong dollar (e-HKD) in the future to “facilitate cross-border payments and capital flows within the Guangdong-Hong Kong-Macau Greater Bay Area,” he stated.
Across mainland China, trials of the digital yuan have been underway since 2020, featuring dedicated digital yuan wallets and mobile applications. Concurrently, Hong Kong initiated the e-HKD project in June 2021 to evaluate the feasibility of issuing an e-HKD for individual and corporate use.
Chan also underscored the benefits of introducing central bank digital currency. “It can curtail cash-related expenses, bolster inclusive finance, and enhance the speed and reliability of the financial payment ecosystem,” he added.
https://www.macaubusiness.com/boc-macau-as-operating-entity-in-first-phase-of-digital-pataca-monetary-authority/
E-MOP trial operations to begin by end of 2025: BOC Macau
A digital pataca (e-MOP) is slated for a trial operation for selected users and entities under an approved list by the end of 2025, subsequent to the public showcase of the prototype of the digital currency by year-end, said Bank of China Macau Branch (BOC Macau), the operational entity for the initial phase of e-MOP.
During discussions with local media, including MNA, BOC Macau General Manager Jia Tianbing emphasised, “Following the start [of the trial operation], we will progressively broaden the scope of the e-MOP application and enhance the system’s functionality, thereby supporting local economic development and showcasing tangible financial service accomplishments to the public.”
The Monetary Authority of Macao (AMCM), the city’s de facto central bank, disclosed earlier this week that the e-MOP prototype with “basic functions” will be publicly exhibited by year-end, with sandbox tests scheduled for the prototype.
AMCM President Chan Sau San said this week that this local central bank digital currency (CBDC) will undergo gradual testing and deployment in Macau across three phases prior to an official launch, with BOC Macau as the operating entity in the initial stage.
Underlining the city’s imperative to develop the local CBDC, Jia of BOC Macau emphasised that digital finance represents a global trend, with mainland China and Hong Kong also progressing in the development of their respective digital fiat currencies.
“The rollout of e-MOP can seamlessly integrate Macau into the economic and social development of the Guangdong-Hong Kong-Macau Greater Bay Area without impediments,” he elaborated.
In mainland China, trials of the digital yuan have been ongoing since 2020, featuring dedicated digital Yuan wallets and mobile applications. Concurrently, Hong Kong initiated the e-HKD project in June 2021 to assess the viability of introducing an e-HKD for individual and corporate use.
“The evolution of the digital economy is the global trajectory of development,” Jia added. “Thus, e-MOP is a small stride for Macau but a giant leap towards global connectivity.”
Benefits for diverse demographics
The surge in mobile payments within Macau aligns with the ongoing testing of the e-MOP. In 2023, mobile payment transactions escalated to 300 million, with a transaction value of MOP28.1 billion (US$3.5 billion), marking a remarkable surge of about 1,820 percent and 2,300 percent, respectively, compared to pre-Covid levels in 2019.
Jia underscored the fundamental differences between e-MOP and mobile payments. “The proliferation and utilisation of mobile payment systems hinge on the banking account system’s support. Hence, strict adherence to a series of laws and compliance standards is imperative to guarantee the security and stability of these payment systems,” he articulated.
“[But] children under 12 years old are unable to open bank accounts, the elderly are less acquainted with mobile payments, and tourists lack access to local bank accounts. These groups encounter distinct obstacles hindering their use of mobile payments, impacting their daily routines and consumption experiences,” he continued.
“In contrast, e-MOP, as a legal tender, is tailored to cater to citizens of all age groups,” underscored the BOC Macau General Manager. “The e-MOP will especially benefit the young, elderly, and tourists, facilitating their seamless use of e-MOP for day-to-day transactions and payments.”
The Macau Legal System for Currency Issuance underwent revisions last year, affirming central bank digital currency as legal tender in Macau.
On Tuesday, Chan from AMCM disclosed plans for two types of e-MOP wallets in the future: a dedicated e-wallet accessible through mobile applications and a hard wallet akin to smart devices and stored value cards.
Discussing BOC Macau’s pivotal role and expertise in the local CBDC’s research and development, Jia highlighted that BOC Macau stands as one of the two banknote issuing banks in the city. Additionally, its parent company, Bank of China, actively contributes to the digital yuan’s development in mainland China.
Illustrating BOC’s involvement in the digital yuan, Jia cited aiding over 40,000 merchants in accepting both digital and hard wallets of the digital yuan during the 2022 Winter Olympics in Beijing.
“This enabled local residents and visitors [in Beijing] to conveniently transact using the digital yuan without the necessity of opening a bank account,” he remarked, indicating a potentially similar scenario in Macau’s future.
“This example closely resonates with Macau’s position as the ‘World Centre of Tourism and Leisure’,” he concluded.
https://www.macaubusiness.com/e-mop-trial-operations-to-begin-by-end-of-2025-boc-macau/
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