This article reviews the development of Macao’s financial services industry during the COVID-19 pandemic，and analyzes its achievements as well as challenges. On this basis，this article aims to make policy recommendations to advocate better development of Macao’s financial sector. After a comprehensive analysis of the existing data and relevant information，it is found that Macao’s financial services industry has shown strong resilience and remained steady during the pandemic，compared with the overall real economy which is deeply impacted. However，obsolete laws and regulations，lack of adequate human resources and effective financial market infrastructure are bottle necks that Macao’s modern financial services need to overcome. Entering into 2021，Macao’s financial sector is expected to remain stable，and the construction of an offshore RMB bond market will be the main task for the modernization and further development of its financial system. In the perspective of Macao integration into the Mainland Chinese economy and enhancing the competitiveness of its financial services，this article offers policy suggestions including the following aspects：improving the legal system，strengthening the financial market infrastructure，attracting financial professionals，deepening Guangdong-Macao financial cooperation，and building up the financial platform between China and Portuguese-speaking countries.