Macau’s government has signed an agreement with the city’s dominant financial institution, Bank of China, to promote a wide range of services and areas of cooperation linked to the Greater Bay Area. This would focus on “Cooperation in people’s livelihood, government and banking coordination, industrial talent cultivation, Sino-Portuguese platform finance and special-characteristic financial development,” reports China Daily Hong Kong.
Under the agreement, Macau residents may use their identity cards as legal documents for opening accounts, applying for bank cards, registering and trading when they use certain services in financial institutions affiliated to BOC within the Bay Area. This would also apply to BOC’s more than 500 branch offices overseas.
Following Macau regulations, BOC will meanwhile build a cross-border “capital pool” for Macau enterprises to make use of in the Bay Area, as well as overseas.