Macau takes a further step in building the Guangdong-Hong Kong-Macau Greater Bay

3 April 2019

A protocol of cooperation established by the services of the Bank of China for the integration of Macau in the construction of the Guangdong-Hong Kong-Macau Greater Bay was signed on Tuesday in the territory, according to official information.

The protocol stipulates that the signatory parties will take advantage of the opportunities of building the Guangdong-Hong Kong-Macau Greater Bay to better leverage the advantages of the “One country, two systems,” principle and Macau’s “One centre, one platform” as well as the unique advantages of the Bank of China in initiating cooperation.

This collaboration covers the areas of financial services to the population and cooperation between the government and the bank in the Greater Bay, training of qualified staff in the financial area, financial services as part of the platform between China and the Portuguese-speaking countries, and development of Macau’s financial sector with its own characteristics.

The aim is to provide better financial and social services, integrated within the context of the Greater Bay, for Macau’s enterprises and citizens.

The protocol stipulates that residents of Macau may use their ID card as a legal document in the institutions of the Bank of China in the Greater Bay to open bank accounts, apply for cards, records and make transactions, using fast financial services for payments, as well as loans and services for companies and individuals.

Moreover, in more than 500 Bank of China branches abroad, Macau residents can use identity cards as legal documents to open accounts, apply for cards, get access to records and carry out transactions abroad.

The Bank of China will also provide Macau companies with integrated treasury management and cross-border payments, opening up channels for the circulation of capital between Guangdong, Hong Kong, Macau and the rest of the world.

The document was signed by the Macau Chief Executive, Chui Sai On and the Chairman of the Board of Directors of the Bank of China, Chen Siqing. (Macauhub)