{"id":8038,"date":"2017-06-06T00:00:00","date_gmt":"2017-06-06T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/asia\/asian-gamblers-think-tank-starts-to-implement-controls\/"},"modified":"2017-06-06T00:00:00","modified_gmt":"2017-06-06T00:00:00","slug":"asian-gamblers-think-tank-starts-to-implement-controls","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/asian-gamblers-think-tank-starts-to-implement-controls\/","title":{"rendered":"Asian Gamblers: Think-Tank starts to implement controls"},"content":{"rendered":"

The Monetary Authority of Macao announced last month the establishment of a “Financial Security Expert Alliance”. The body was formed in collaboration with the nation’s central bank, the People’s Bank of China; and the Hong Kong Monetary Authority, for the benefit of “national financial security and stability,” said the Monetary Authority of Macao.<\/font><\/p>\n

READ HERE: ASIAN THINK-TANK WILL BOOST THE GAMBLING INDUSTRY BY AN ECONOMIC INTEGRATION<\/a><\/span><\/font><\/p>\n

The Macau government also announced last month that holders of Chinese mainland-issued China UnionPay Co Ltd cards that wish to use them for cash withdrawal at Macau ATMs would soon have to present their identity card and pass a facial recognition scan.<\/font><\/p>\n

The impact of a new Chinese government policy announced on Friday – that will require collection of information about overseas transactions exceeding RMB1,000 (US$147) that involve mainland-China issued bank cards – is “uncertain, but can’t be good”, said a Friday note from casino gaming sector analysts at JP Morgan Securities (Asia Pacific) The new measure comes into effect on September 1.<\/font><\/p>\n

“TO BE CLEAR, THE NEWS HAS NOTHING TO DO WITH THE GAMING INDUSTRY AT THIS POINT, AS THERE’S NO CHANGE IN FOREIGN EXCHANGE POLICY (SUCH AS CARD LIMIT, ATM [AUTOMATED TELLER MACHINE] QUOTA), NOR IS THERE ANY MENTION OF UNIONPAY PAWNSHOP TRANSACTIONS OR MACAU IN THE STATEMENT,” wrote analysts DS Kim and Sean Zhuang.<\/font><\/p>\n

But they added: “We believe increased scrutiny (or just the ‘perceived fear’ of such) of overseas card usage and cash withdrawals – which are probably among the most convenient ways to get money in Macau for cash players (i.e. all mass and some VIP players) – is at least a modest negative on player psychology, if not their abilities to source funds to gamble.”<\/font><\/p>\n

READ HERE: VIETNAM REGULATES LOCALS FROM CASINOS<\/a><\/span><\/font><\/p>\n

China’s State Administration of Foreign Exchange (SAFE) announced the policy on Friday on its website.<\/font><\/p>\n

Under the new rule, every cash withdrawal or merchant transaction above the RMB1,000 threshold – conducted via use of any mainland China-issued bank card, including debit and credit cards – has to be reported to SAFE on a daily basis.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

The Monetary Authority of Macao announced last month the establishment of a \u201cFinancial Security Expert Alliance\u201d.<\/p>\n","protected":false},"author":1,"featured_media":5156,"menu_order":590,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[3982],"class_list":{"0":"post-8038","1":"asia","2":"type-asia","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-think-thank-monetary-authority-of-macao-union-pay","8":"entry"},"yoast_head":"\nAsian Gamblers: Think-Tank starts to implement controls - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/asia\/asian-gamblers-think-tank-starts-to-implement-controls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian Gamblers: Think-Tank starts to implement controls - 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