Chinese ministries to support Mainland non-bank payment institutions to expand business in HK and Macau

The People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the Foreign Exchange Administration issued the “Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area.”

The People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the Foreign Exchange Administration issued the Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area today.

The opinion proposes to support the promotion of innovative technologies such as blockchain, big data, artificial intelligence and their mature applications in customer marketing, risk prevention and financial supervision in the Guangdong, Hong Kong and Macau Greater Bay Area.

The opinion aims to facilitate Hong Kong and Macao residents to use mobile electronic payment tools for RMB payments in the Mainland, promote the interoperability of mobile payment tools in the Guangdong-Hong Kong-Macao Greater Bay Area, and support mainland non-bank payment institutions to expand their businesses in Hong Kong and Macau.

It supports financial leasing companies, auto finance companies, securities companies, fund management companies, futures companies, insurance companies and other institutions in the Guangdong-Hong Kong-Macao Greater Bay Area to use cross-border financing, cross-border guarantees, and cross-border asset transfers in accordance with regulations. Renminbi is denominated and settled.

The opinion supports the qualified financial companies, securities operating institutions and other non-bank financial institutions in the Guangdong-Hong Kong-Macao Greater Bay Area to carry out the orderly settlement and sale of foreign exchange business, and handle the spot settlement and sale of foreign exchange and RMB and foreign exchange derivatives for customers.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/16/chinese-ministries-to-support-mainland-non-bank-payment-institutions-to-expand-business-in-hk-and-macau/.

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