Launching of Cross Border Settlement of Hong Kong Dollar Cheques between Macao and Hong Kong

To cope with practical needs arising from commercial activities between Macao and Hong Kong, the financial regulators of Macao and Hong Kong have worked closely to facilitate cross border funding which culminates in the launching of “Cross Border Settlement of Hong Kong Dollar Cheques between Macao and Hong Kong” on 6 August. The mechanism will provide swift, convenient and secure services to clients of banks operating in Macao in collecting their funds arising from Hong Kong Dollar cheques. The Monetary Authority of Macao (AMCM) has invited Bank of China Macao Branch (BOCM) to provide clearing services to banks who join the scheme. It will be the clearing bank for Macao in the arrangement. BOCM has started the preparatory work and has engaged express delivery agents to ensure that the cheques in question shall reach Hong Kong on time for clearing. On 18 July, AMCM, Hong Kong Interbank Clearing Ltd, BOCM and Bank of China (HK) held the co-operation agreement signing ceremony in the office of AMCM. Teng Lin Seng, chairman of AMCM, Vitus Tai, General Manager of Hong Kong Interbank Clearing Ltd, Ye Yixin, General Manager of BOCM and Lin Guangming, General Manager (Enterprise and Institution Banking) of Bank of China (HK) executed the co-operation agreement. The ceremony was attended by representatives from the Hong Kong Monetary Authority and the above mentioned institutions.