On the 18th, the Macau Monetary Authority announced a list of Macau banks that have completed the registration procedures for the "Cross-border Financial Link" business. Seven banks can officially start related businesses on the 19th.
The Macau Monetary Authority stated that the "Cross-border Wealth Management Link" is an important measure and innovative arrangement to promote the facilitation of cross-border investment by individuals in the Bay Area and to promote people's livelihood finance in the Bay Area.
The HKMA will maintain close communication with regulatory agencies in the Mainland and Hong Kong and jointly implement appropriate supervision to ensure the smooth operation of the "Cross-border Financial Link" business.
According to reports, seven banks including Bank of China Macau Branch, Bank of Communications Macau Branch, China Construction Bank Macau Branch, China Guangfa Bank Macau Branch, China Merchants Wing Lung Bank Macau Branch, Industrial and Commercial Bank of China (Macau), Macau International Bank, and other seven banks have completed the completion of the transaction with the Macau Monetary Authority. Filing procedures, and ready to officially start the business.
Macau residents can open a "Northbound Link" remittance account at a Macau bank that conducts the "Lai Caitong" business, and open a RMB investment account at the bank's mainland cooperative bank to purchase low to medium risk wealth management products sold by mainland banks. Such as fixed income, equity public offering financial products and public offering securities investment funds.
Macao residents who have a personal RMB account with a cooperative bank in the Mainland can directly designate the account as a "Northbound Link" investment account; if they do not have a relevant account, they need to open an account with a cooperative bank in the Mainland.
At the same time, mainland residents can be witnessed by the mainland cooperative bank agent or go to Macau banks to open a "Southbound" investment account.
Macau banks provide a variety of wealth management products such as time deposits, bonds and investment funds for mainland residents to choose from.
Bank of China Macau Branch stated that “Cross-border Wealth Management”, as an important measure for the country to promote the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, is conducive to further opening up the financial market. Application scenarios of RMB internationalization.
In the future, we will closely integrate with national policies such as the "Cross-border Wealth Management" and the Hengqin Guangdong-Macao Intensive Cooperation Zone, and strive to promote the appropriate diversification of the Macau industry, and provide individual customers in the Greater Bay Area with a diversified, secure, convenient and stable cross-border Investment experience.
(Headquarters reporter Xiao Zhongren)