The Monetary Authority of Macau (AMCM) announced today (Tuesday) that it will launch a direct payment system for Guangdong-Macau electronic and cross-border payments by year-end.
The system is expected to provide an easier way for local residents to pay public utility and subsistence bills in Guangdong Province via banks that join the service.
So far property management and water supply companies in Zhuhai were said to have already agreed to join the system, the AMCM added.
The Macau SAR government indicated that since the pataca MOP, RMB and HKD are the most used currencies in local activities, it has focused on establishing systems for immediate settlement in real-time in the respective currencies in recent years as part of efforts to better interconnect Greater Bay Area financial markets
The AMCM also added that its new Hong Kong Dollars Clearing House Automated Transfer System handled more than 10,000 transactions in the first month of operation, with a value of about HK$50 billion (US$6.4 billion).
The system launched on October 19 was built to support immediate settlement services for interbank fund transfers in the neighbouring SAR’s currency, with 28 banks joining having joined the system.
The AMCM also indicated that considering the close economic and commercial ties between Macau and Hong Kong, an ‘interface’ was reserved that allows for a future articulation of the system with its Hong Kong counterpart.