The Macau SAR government will allocate MOP2.6 billion (US$323.5 million) into public investment fund Macao Investment and Development Limited, to establish a joint international commercial bank in the Greater Bay Area, legislators said according to newspaper Ponto Final.
The information was released yesterday by Chan Chak Mo, president of the 2nd Standing Committee of the Legislative Assembly after a committee meeting yesterday (Monday), who quoted information provided by Chan Sau San, President of the Board of Directors of the Monetary Authority of Macau (AMCM).
According to the legislator, the project will include investment from Macau Hong Kong Guangdong governments, and the financial institution will be headquartered in the Nansha Economic and Technological Development Zone in Guangzhou, with a main focus on three areas: cutting-edge technology, green finance and cross-border finance.
“It was in 2019 that the State Council of the People’s Republic of China proposed the establishment of an international commercial bank in the Greater Bay Area export zone,” Chan said according to the report.
“The project will have a capital injection of RMB20 billion, with Macau to hold a 10 per cent share, Hong Kong 30 per cent and Guangdong province 60 per cent.”
The bank will be regulated under Chinese financial law, with future branches to be established in Macau and Hong Kong regulated by local legislation.
