The Monetary Authority of Macao (AMCM) and the China Banking Regulatory Commission (CBRC) signed the “Memorandum of Understanding on Cooperation in the Development of Macao’s Featured Finance” in the afternoon of 5 December to strengthen mutual exchange and cooperation for promoting the development of featured finance in Macao.

Mr. Chan Sau San, Chairman of the AMCM, together with his entourage went to Beijing to visit the CBRC and was received by Mr. Wang Zhaoxing, Vice Chairman of the CBRC. They signed the “Memorandum of Understanding on Cooperation in the Development of Macao’s Featured Finance” to reinforce the cooperation between both parties in promoting the sturdy development of featured finance in Macao SAR. The Memorandum covers a wide range of issues, mainly including instituting mechanisms for information sharing and personnel exchange and training, facilitating the establishment of Mainland financial leasing companies in Macao, promoting the development of wealth management business of Mainland banks in Macao and exploring the long-term development path for promoting featured finance in Macao.

To support the Nation’s “Belt and Road” initiative, the development goal of Macao as the “financial services platform between China and Portuguese-speaking countries (PSCs)”, and to enhance the contribution of the financial industry　to Macao’s economic diversification, the AMCM continuously promotes the development of financial businesses, including financial leasing, wealth management and RMB clearing between China and the PSCs. The AMCM believes that the cooperation with the CBRC would provide strong impetus to the development of featured finance in Macao.