Finance plays a crucial role in enhancing the connectivity of the Greater Bay Area, specifically between Qinzhou and Macao. The recent implementation of the “Management Measures for the Multifunctional Free Trade Account Business of the Hengqin Guangdong-Macao Deep Cooperation Zone” marks a significant step towards accelerating this interconnection.
Ten banks in the Hengqin Guangdong-Macao Deep Cooperation Zone have been selected to pilot the opening of multi-functional free trade accounts, allowing them to provide a range of financial services to qualified business entities. These services include cross-border fund settlement, exchange, investment, and financing, all aimed at promoting seamless transactions between the two regions.
Liu Xianghong, president of the Bank of China Hengqin Guangdong-Macao Deep Cooperation Zone Branch, highlighted the convenience that these accounts will bring to both public enterprises and individuals. For businesses, the accounts streamline cross-border deposit and foreign exchange settlement processes. Meanwhile, for individuals, especially Macao residents living and working in Hengqin, it offers easy access to account services.
Since the implementation of the “Management Measures,” pilot banks have already opened around 60 multi-functional free trade accounts, catering to a variety of entities including cooperation zone enterprises, Hong Kong and Macao enterprises, and individuals.
This initiative signifies a significant milestone in the integrated development of Qinzhou and Macao within the Greater Bay Area. By leveraging financial mechanisms like multi-functional free trade accounts, the region is poised to further enhance its economic ties and drive collaboration across borders.