Seven banks in Macao have completed the necessary procedures to provide wealth management services in the mainland from today, the Macao Monetary Authority (AMCM) has announced.
The banks include the Macao branches of the Bank of China, Bank of Communications, China Construction Bank, China Guangfa Bank, CMB Wing Lung Bank, Industrial and Commercial Bank of China (Macau) and Luso International Bank which will participate in the Wealth Management Connect pilot scheme for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
Under the scheme, Macao residents can open accounts in these banks as well as in the banks’ mainland partner bank offices and buy renminbi-denominated wealth management products.
Residents in the mainland can also open accounts in Macao banks via the latter’s partner banks in the mainland and buy the wealth management products in Macao.
Macao’s monetary regulator said that the pilot scheme is an innovative arrangement for promoting mutual access between the financial markets in the GBA, which comprises nine cities in Guangdong province and Hong Kong and Macao.
Macao’s quasi-central bank also pledged to maintain close communication with supervisory bodies in the mainland and Hong Kong to ensure the pilot scheme operates smoothly.