Macao is making bold moves in the financial sector by focusing on innovation and strengthening ties with the Chinese mainland. Henrietta Lau, Executive Director of the Monetary Authority of Macao, recently discussed the city’s efforts to promote financial technologies like mobile payments, aiming to benefit both local merchants and tourists.
In an interview with CGTN, Lau highlighted the importance of embracing financial innovation to stay ahead in a rapidly changing world. “We are dedicated to enhancing the convenience and efficiency of financial services,” she stated. “Mobile payments not only simplify transactions for consumers but also support the growth of small businesses.”
As a popular tourist destination, Macao is keen on adopting advanced payment systems to provide seamless experiences for visitors, many of whom come from the Chinese mainland. By integrating widely used mobile payment platforms, the city hopes to attract more tourists and boost its economy.
Lau also emphasized Macao’s strategy to enhance financial collaboration within the Greater Bay Area (GBA), which includes Hong Kong and cities in Guangdong province. She outlined plans to improve cross-border financial services, making it easier for businesses and individuals to operate throughout the GBA. “Strengthening our financial connections with the mainland is a key priority,” Lau noted.
These initiatives are part of Macao’s broader goal to diversify its economy and reinforce its position as a regional financial hub. By focusing on innovation and collaboration, Macao aims to build a resilient and dynamic financial sector that benefits both its residents and the wider community.
The city’s commitment to financial innovation and closer ties with the mainland presents exciting opportunities for young people and entrepreneurs. As Macao advances its strategies, it’s poised to play a significant role in the future of regional finance.
Reference(s):
Macao financial regulator focuses on innovation and GBA collaboration
cgtn.com
