The People's Bank of China and other four departments recently issued the Opinions on Financial Support for Guangdong-Hong Kong-Macao Greater Bay Area's Construction, which introduced 26 measures in five aspects to further promote financial opening and innovation and deepen financial cooperation between the Mainland and Hong Kong and Macao.
Although affected by the epidemic, many important cross-border financial businesses in Greater Bay Area have landed in an orderly manner. Recently, channels including capital and bond markets have been continuously expanded, and projects such as "cross-border wealth management" and "southbound bonds" have been officially launched. What is more noteworthy is that under the background of financial technology empowerment, commercial banks have quietly accelerated institutional integration in Greater Bay Area.
In the eyes of the industry, Guangdong, Hong Kong and Macao's cross-border financial open cooperation has formed a variety of models such as market interoperability, institutional mutual establishment and product mutual recognition. The next step to deepen cross-border financial cooperation in Guangdong-Hong Kong-Macao Greater Bay Area is to promote the opening of financial institutions.
Account Unicom: from personal agent witnessing account opening to enterprise cross-border settlement facilitation.
Building the Bay Area under the principle of "one country, two systems, three customs territories and three currencies" is unprecedented in the world. Specifically, one of the foundations for deepening the financial infrastructure construction in Guangdong-Hong Kong-Macao Greater Bay Area is to promote Greater Bay Area residents and enterprises to open bank accounts.
Just a few years ago, when Hong Kong residents went to live, work and travel in the Mainland, it was inevitable to exchange a certain amount of RMB cash in Hong Kong in advance. With the support of the regulatory authorities of the two places, various financial institutions seized the opportunity to launch various innovations in cross-border retail payment.