The People’s Bank of China (“PBOC”) and the Monetary Authority of Macao (“AMCM”) signed a Memorandum of Understanding (“MOU”) recently, in order to enhance the coordination and cooperation between the two sides on financial policies and supervision.
Under the MOU, the PBOC and the AMCM will establish an information sharing and notification framework, deepen cooperation in financial supervision and enhance exchange and training of financial talents. Simultaneously, the PBOC will support the stable and healthy development of featured finance in Macao, particularly fostering cooperation in the areas of financial leasing, settlement in RMB between China and Portuguese-speaking countries (“PSCs”), wealth management and other relevant financial activities. Besides, consensus is reached to enhance the supervision and promotion of Fintech and mobile payments.
The AMCM believes that the signing of the MOU will broaden the scope of development of the Macao financial sector, thus promoting economic diversification of the MSAR and providing more diversified and convenient financial services for Macao residents, while reinforcing Macao’s position as a financial services platform between China and PSCs to support the national development strategy.