Seven banks in Macau have completed the necessary procedure to get ready to provide wealth management services in the Chinese mainland from today, the Macau Monetary Authority (AMCM) said yesterday.
The banks include the Macau branches of the nation’s major banks such as Bank of China, Bank of Communications, and China Construction Bank, which will participate in the Wealth Management Connect (WMC) pilot scheme for the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).
Under the scheme, Macau residents can open accounts in these banks as well as in the banks’ mainland partner bank offices and buy yuan-denominated wealth management products, according to an AMCM statement.
Residents in the mainland can also open accounts in Macau banks via the latter’s partner banks in the mainland and buy the wealth management products in Macau, the statement pointed out.
Macau’s monetary regulator also said in the statement that the pilot scheme is a major move and innovative arrangement for promoting mutual access between the financial markets in the Greater Bay Area, which comprises nine cities in Guangdong province and the nation’s two special administrative regions (SARs) – Hong Kong and Macau.
Macau’s quasi-central bank also pledged in the statement to maintain close communication with supervisory bodies in the mainland and the Hong Kong to ensure the pilot scheme operates smoothly.
– Xinhua
