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Wednesday, April 03, 2019, 11:23
Macao govt, Bank of China ink cooperation deal for Bay Area
By Xinhua
Wednesday, April 03, 2019, 11:23 By Xinhua

This undated photo shows a section of the Hong Kong-Zhuhai-Macao Bridge. China's Macao Special Administrative Region (SAR) government and signed an agreement on April 2, 2019 to strengthen cooperation in the construction of Guangdong-Hong Kong-Macao Greater Bay Area. (PHOTO / XINHUA)

MACAO - China's Macao Special Administrative Region (SAR) government and Bank of China(BOC) signed an agreement on Tuesday to strengthen cooperation in the construction of Guangdong-Hong Kong-Macao Greater Bay Area.

Macao SAR's Chief Executive Chui Sai-on and BOC Chairman of the Board Chen Siqing signed the Agreement on Service Cooperation for Integration into the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

READ MORE: HK residents can open mainland bank accounts in city

Under the agreement, the two sides will seize the opportunity of the development of the Bay Area to give full play to Macao's institutional advantage of "one country, two systems" and BOC's unique industry advantages, and to promote cooperation in people's livelihood, government and banking coordination, industrial talent cultivation, Sino-Portuguese platform finance and characteristic financial development.

Macao residents may use their Macao identity cards as legal documents for opening accounts, applying for bank cards, registering and trading when they use certain services in financial institutions affiliated to BOC in the Bay Area, and in its more than 500 branch offices overseas.

In line with the local financial regulatory policies, BOC will also build a cross-border capital pool for Macao enterprises to open up the capital channel in Guangdong, Hong Kong, Macao and the whole world.

READ MORE: Bank of China to expand lending to small businesses

On the same day, BOC also opened its Corporate Finance Characteristic Financing Platform in Macao, which will serve Portuguese-speaking countries and regions, the Bay Area and countries along the Belt and Road.  

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