Macao SAR Government, Bank of China sign deal eyeing Greater Bay Area

Macao’s Chief Executive Chui Sai On (right) and BOC’s Chairman Chen Siqing (left) signed the co-operation agreement

The Macao SAR Government and the Bank of China (BOC) signed in April 2019 an agreement to actively participate in the development of the Guangdong-Hong Kong-Macao Greater Bay Area. The agreement was signed by Macao’s Chief Executive Chui Sai On and BOC’s Chairman Chen Siqing.

Under the agreement, Macao residents are now entitled to use their Macao identity cards as legal documents for opening accounts, applying for bank cards, registering and trading when using a range of services provided by financial institutions affiliated to BOC in the Greater Bay Area, and in its more than 500 branch offices overseas. BOC will also provide Macao companies with integrated treasury management and cross-border payments, opening up channels for the circulation of capital between Guangdong, Hong Kong and Macao.

BOC also launched in April in Macao a corporate financing platform branded “Global Advanced Corporate Finance Centre”, aimed at serving companies from Portuguese-speaking Countries, as well as enterprises from the Greater Bay Area and places covered by the “Belt and Road” initiative.