Local bank association aiming to hold an international conference on financial services

The Macau Association of Banks (MAB) aims to hold an international conference on financial services in the city in order to raise the level of the sector, the association indicated in a meeting with Chief Executive Ho Iat Seng.

The head of state held a meeting with the local association yesterday, in which the group’s president, Li Guang – General Manager of the Bank of China Macau Branch – presented a report to the Chief Executive on banking sector operations and figures for the period since the pandemic began.

According to the government’s announcement, the association indicated that local banks have supported the implementation of the govenrment policy guidelines, in the fight against the pandemic and in maintaining the stability of the financial sector, by launching emergency and electronic financial services, assisting authorities in purchasing materials to fight the epidemic, and in keeping basic services during the most challenging period.

Since the beginning of the epidemic, the city has registered 46 cases of infection, but with no cases reported in about a week.

During a period when most local services had to be suspended as part of health prevention measures, some local bank branches still operated with reinforced security, including limits on customers allowed entry and body temperature checks.

During the meeting, Ho Iat Seng stated that he believes after the epidemic situation in the surrounding regions is stabilized, the prospects for Macau economic recovery will become more optimistic.

The CE also again underlined that local involvement in the Greater Bay Area, especially in projects in Hengqin, can act as an important economic lever.

Recently the Monetary Authority of Macau (AMCM) announced that it will launch a joint cross-border financial management project together with the Hong Kong Monetary Authority and the People’s Bank of China, the country’s central bank.