A direct payment system for Guangdong-Macau electronic and cross-border payments has been officially launched today (Monday) by the Monetary Authority of Macau (AMCM) and the Bank of China Guangdong Branch.
Monetary authorities considered the system a “milestone moment’ on the realization and implementation of cross-border bill payment activities and in promoting interconnection between financial infrastructures between Guangdong and Macau.
The system allows for local residents to pay public utility and subsistence bills in Guangdong Province via 10 local banks who joined the service, and through the collaboration of three utility and financial groups from Zhuhai and Jiangmen, namely the Huafa Group, Jiangmen Water and the Guangdong Broadcasting and Television Network.
The system has a maximum limit for transactions set at RMB50,000 and daily bank transaction limit of RMB20,000.
Banks covered include: Tai Fung Bank Limited, BNU, Bank of China Macau Branch, OCBC Wing Hang Bank Limited, ICBC Macau, Banco Comercial de Macau, S.A., China Guangfa Bank, Macau Chinese Bank, Luso International Banking Limited and Well Link Bank.
Since 2019 the AMCM and the Bank of China Guangdong Branch established a ‘Guandong-Macau electronic direct and cross-border payment system through which a trial of direct payment activities of Guandong-Macau electronic and cross-border accounts began.
‘With the support of the People’s Bank of China Headquarters, as well as the collaboration and promotion of the electronic settlement center of Bank of Guangzhou; the branches of the People’s Bank of China and the Zhuhai, Zhongshan and Jiangmen work bureau; and the RMB clearing bank of Macau, tests of the system that came into operation have been successfully completed, allowing Macau residents to pay cross-border expenses for companies in Guangdong Province through Macau banks, satisfying their demand for cross-border financial services,’ the AMCM added.
Local authorities will now look to promote the use of the system in mainland cities where Macau residents usually reside, such as Zhuhai, Zhongshan and Jiangmen, as well as extending the coverage of cross-border payment services in order to extend the range and the number of residents benefited.
In the end, authorities expect the system will allow local residents to pay all energy, water, gas, cable tv and property management bills in Guangdong.