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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 conducted 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 2017, the number of IFS corporate members stood at 59 including 4 founding members, 3 financial associations, 26 commercial banks, 19 insurance companies, 2 insurance corporate brokers, 2 financial intermediary companies, 2 money changers and the postal savings bank. Meantime, the IFS had a total of 37 individual members (successful candidates of the FAIQ exam intending to use the FAIQ designation).

Up to the end of 2017, about seventy eight thousand participants had attended the activities organized by the IFS, of which about fifty seven thousand enrolled in the insurance intermediaries qualifying examinations, about nine thousand taking IFS courses, about ten thousand attending seminars/shops, about one thousand seven hundred taking certification programs in financial planning, and the “Accredited Banking Practitioner” program.