The Secretary for Economy and Finance, Mr Leong Vai Tac, speaks to reporters.
The Government is stepping up efforts to develop finance leasing business in Macao, including via the drafting of a framework regulation and by inviting fresh investment to the city by companies experienced in such business. Speaking to the press today (Wednesday), the Secretary for Economy and Finance, Mr Leong Vai Tac, said he hoped the draft version of a framework regulation for finance leasing business would be completed in 2017. To facilitate the development of a specialised financial sector in Macao, the Government had set up a cross-departmental taskforce – comprising also contributions from members from the city’s existing financial sector – to study further how to optimise relevant laws and regulations, and how to proceed with a supervised finance leasing system. The Government had contacted several large-scale international companies with experience in finance leasing and had noted that a number of them were interested in investing in Macao, said the Secretary. Mr Leong added that the Government had previously published a guidebook on the sector. Its aim was to provide local firms with a better understanding of the likely procedures needed regarding licensing for finance leasing businesses. Having such knowledge would allow interested parties to develop their related financial service business models. In addition, Mr Leong said the Government was striving to establish a system for trade credit insurance, a strategy that was supported by the Central Government. With such a system, Macao would be able to take a greater role in promoting cooperation between companies from Portuguese-speaking countries, and those from the mainland and from Macao. The Government was actively looking for underwriting companies or institutions as partners, in order to set up such a trade credit system, he said. The Government had received a positive response to its inquiries, and expected more progress would be made in the coming year.