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IFS

 

 

Macau Institute of Financial Services

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, the Macao Association of Banks, the Macao Insurers’ Association and the Macao Insurance Agents and Brokers Association.

The objectives of the IFS are to promote overall performance and professional standard of Macao’s financial practitioners by provision of professional training and qualifying examinations so as to foster the sustainable development of Macao’s financial industry.

In line with its objectives, the IFS is engaged in organizing diversified training programs covering a wide range of topics, such as practical training courses, seminars with up-to-date information, internationally-recognized certification programs, etc. IFS training activities have provided Macao’s financial practitioners with opportunities to carry on continuous learning.

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

The Continuing Professional Development (CPD) Programme for insurance intermediaries has been implemented in Macao since 1 January 2018. The objective of the CPD Programme is to encourage the insurance intermediaries to carry on continuous learning so as to enhance professionalism. The IFS has been appointed by the Monetary Authority of Macao as the assessment authority of the CPD Programme.

At the end of 2018, the number of IFS corporate members stood at 60 including 4 founding members, 3 financial associations, 1 credit institution (postal savings bank), 26 commercial banks, 19 insurance companies, 3 insurance corporate brokers, 2 financial intermediary companies and 2 money changers. Meanwhile, the IFS had a total of 28 individual members (successful candidates of the FAIQ exam looking to use the FAIQ designation).

Up to the end of 2018, the total number of participants joining IFS activities amounted to a total of eighty-nine thousand, including about sixty-five thousand in the insurance intermediaries qualifying examination, about eleven thousand taking IFS courses, about eleven thousand attending seminars/workshops, and about one thousand eight hundred taking professional certification programs.