Macau Institute of Financial Services (IFS)

The Macau Institute of Financial Services (IFS) was established in March 2002 as a non-profit organization. Its founding members are the Monetary Authority of Macao, Macao Association of Banks, Macao Insurers’ Association and Macao Insurance Agents and Brokers Association.

The objectives of the IFS are to enhance the overall performance and raise professional standards of Macao’s financial practitioners by providing professional training and qualification examinations aiming to foster the sustainable development of Macao’s financial industry.

In line with its objectives, the IFS strives to organize diversified training programs, such as practical training courses, seminars providing participants with up-to-date information, internationally-recognized professional certification programs, etc. The IFS diversified training activities provide Macao’s financial practitioners with continuous learning opportunities.

Under the Insurance Intermediaries Quality Assurance Scheme, the IFS has held the Insurance Intermediaries Qualifying Examinations (IIQE) since its establishment in 2002 aiming to uphold professional standards of Macao’s insurance intermediaries.

The Continuing Professional Development (CPD) Programme for insurance intermediaries has been implemented in Macao since 2018. Its objective is to encourage insurance intermediaries to carry on continuous learning aiming to enhance the professionalism. The IFS has been appointed by the Monetary Authority of Macao as the assessment body of the CPD Programme since 2018.

At the end of 2021, the IFS had 63 corporate members including 4 founding members, 3 financial associations, 1 credit institution (postal savings bank), 27 commercial banks, 20 insurance companies, 4 insurance corporate brokers, 2 financial intermediary companies and 2 money changers. Meanwhile, the IFS had a total of 15 individual members (successful candidates of the FAIQ exam looking to use the FAIQ designation).

Up to the end of 2021, over one hundred forty thousand participants had joined IFS activities, including about one hundred thousand enrolments in the IIQE, and over forty thousand enrolments in IFS training programs.