Bank of China's Role in Developing the Guangdong-Macau In-Depth Cooperation Zone in Hengqin

Wednesday, 18 September 2024, 03:30

The Guangdong-Macau In-Depth Cooperation Zone is seeing significant support from the Bank of China as it develops Hengqin into a fintech hub. Bank of China is providing essential services to SMEs and start-ups, facilitating investments in green finance and traditional Chinese medicine. This initiative is part of the broader Greater Bay Area strategy led by the Chinese government.

Scmp — Bank of China's Role in Developing the Guangdong-Macau In-Depth Cooperation Zone in Hengqin

The Guangdong-Macau In-Depth Cooperation Zone, established in 2021, aims to transform Hengqin into a leading development zone focused on finance, technology, and more. Bank of China (BOC), a prominent player, has been pivotal in this transformation, supporting various industries including fintech and green finance.

Since initiating services in 2010, BOC has lent approximately 29 billion yuan (around US$4 billion) to businesses in Hengqin. Liu Xianghong, the president of BOC's Hengqin branch, highlights their commitment to fostering local innovation by providing loans even to start-ups lacking collateral.

Furthermore, the integration of Hengqin within the Greater Bay Area enhances opportunities for businesses, enabling easier banking and investment options for residents of Macau and beyond through the Wealth Management Connect scheme.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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