Macau bets on financial services, fintech to drive economic diversification

Macau has unveiled a five-year strategic plan to move away from its casino-focused economy and towards financial services, digital currency and closer ties with mainland China. The latest economic plan, released on Tuesday, aims to increase the added value of non-gaming industries to 60% of the region's GDP by 2030, up from 56.7% in 2024.

While gaming remains the primary driver of the local economy, accounting for over 80% of Macau's public revenue, authorities are striving to build a more diversified growth model. Four major infrastructure projects and a new government-backed fund are highlighted in the policy document to fuel growth in priority sectors, such as modern finance, healthcare, advanced technology and the convention industry.

The blueprint places emphasis on the adoption of digital currency and cross-border payment systems, with the government planning to introduce its own digital currency, the "e-MOP", and establish a unified settlement system. Additionally, Macau will participate in Project mBridge, a digital currency platform developed with international monetary authorities, to build a next-generation, real-time payment platform.

The measures also include support for the bond market, such as subsidies, upgrades to the Macau Central Securities Depository System and expanded clearing links with mainland and international markets, aiming to attract top global issuers and institutional investors. Chief Executive Sam Hou-fai stated that the five-year plan serves as a roadmap and mission statement for Macau's transition to a new era of high-quality development, ultimately driving the sustainable diversification of the enclave's economy. As of the new planning period, Macau's GDP stood at MOP418.04 billion.