An export credit insurance system to provide additional support to reduce the risk of trade with Portuguese-speaking countries was officially launched in Macau to support the construction of the Commercial and Trade Cooperation Service Platform between China and Portuguese-speaking Countries, the Monetary Authority of Macau (AMCM) said.

AMCM President Chan Sau San, speaking to Macau businesspeople on Tuesday, recalled that there are already insurers authorised to sell export credit insurance in the local market, but said that for Portuguese-speaking countries only Portugal and Brazil are covered, based on political risk considerations.

To build an “export credit insurance system” covering all Portuguese-speaking countries, the AMCM not only encourages the local sector to provide export credit insurance products for trade with those of low risk Portuguese-speaking countries. but also encourages the study of the export credit insurance system in neighbouring regions.

Chan Sau San said that after studies and the establishment of an interdepartmental working group with the Economic Services Bureau and the Macau Insurance Association, the AMCM had launched the “bank policy” plan, which provides a factoring service to Macau companies through banks in order to solve the export credit risk problem of high-risk Portuguese-speaking countries.

Irene Va Kuan Lau, the chair of IPIM, said in her speech that the “bank policy” of the export credit insurance system can provide risk insurance to companies’ export activities, especially for export activities to Portuguese-speaking countries, playing an active and important role in building the “China-Portuguese-Speaking Trade Cooperation Service Platform” in Macau. (Macauhub)