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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 enhance overall performance and raise professional standards of Macao’s financial practitioners by providing professional training and qualification 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 professional certification programs, etc. IFS training activities have provided Macao’s financial practitioners with opportunities for continuous learning.

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

Since 1 January 2018, the Continuing Professional Development (CPD) Programme for insurance intermediaries has been implemented in Macao. The objective of the CPD Programme is to encourage the insurance intermediaries to carry on continuous learning 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 2020, the number of IFS corporate members stood at 62 including 4 founding members, 3 financial associations, 1 credit institution (postal savings bank), 26 commercial banks, 20 insurance companies, 4 insurance corporate brokers, 2 financial intermediary companies and 2 money changers. Meanwhile, the IFS had a total of 20 individual members (successful candidates of the FAIQ exam intending to use the FAIQ designation).

Up to the end of 2020, over one hundred twenty four thousand participants joined IFS activities including near ninety thousand candidates taking the insurance intermediaries qualifying examinations, and over thirty four thousand participants attending IFS training programs.