Macao Business Law Handbook Volume 1 Strategic Information and Basic Laws

2011 Updated Reprint. Updated Annually. Macao Business Law Handbook

2011 Updated Reprint. Updated Annually. Macau Ecology & Nature Protection Laws and Regulation Handbook

2011 Updated Reprint. Updated Annually. Macao Customs, Trade Regulations and Procedures Handbook

Macao Country Study Guide - Strategic Information and Developments

Macao Business Law Handbook Volume 2 Investment and Trade Laws Volume 2 Investment and Trade Laws

Macao Country Study Guide - Strategic Information and Developments Volume 1 Strategic Information and Developments

Macao Investment and Business Guide Volume 2 Practical Information, Regulations, Contacts

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.