Introduction to an Alternative Dispute Resolution in Finance industryWong Hang Si, Cecilia Due to the outbreak of COVID-19, it bought a severe downturn to the main industry Gaming and Tourism in Macao SAR.
As all we know that the most majority tax income for the Macao SAR government is from the Gaming and Tourism industry, however the restrictive immigration policy caused the depression of the above-mentioned industry. The COVID-19 reflects that Macao SAR cannot only rely on a single industry and thus the government decides to promote the development of characteristic finance, in particular, offshore Renminbi bond exchange market.
With the reference in the nearby regions, such as Shanghai and Hong Kong, where a well-built system of the Finance Industry is established, especially the Stock Exchange Market. There is updated law regulatory system in those regions, and in contrast, Macao SAR’s monetary legal system is seriously lagging behind. In the context of the Macao SAR government vigorously promoting characteristic finance, financial laws and regulations need to be formulated and revised in due course.
At the same time, we can consider adding alternative dispute resolution other than litigation such as mediation, arbitration. Being a procedure in which a neutral third party – a mediator or arbitrator – helps parties who are entangled in a dispute come to an agreement, alternative dispute resolutions would be faster than the court procedure, as well as having confidentiality.
Besides that, the introduction of an arbitration system to resolve financial disputes can allow all parties to resolve conflicts through neutral professionals. After all, all aspects of the development of a characteristic financial industry involve professional knowledge. Therefore, the Macao SAR Government currently provides training to those who are interested in development in this area, and it can also provide a large number of talents (which are both familiar to the financial system and the law regulations) for the future use of metho
