The Macau Insurance Industry Professionals Association was formally established on Friday, the Macau News Agency (MNA) reports.

MNA quotes the president of the association, Ivan Cheung, as saying the group means to promote the training of Macao accountants, auditors, actuaries and managers to work in the insurance business.

Mr Cheung said his association was keen to arrange exchanges with qualified people in the Guangdong-Hong Kong-Macao Greater Bay Area, and in Australia, Britain and Portugal.

Mr Cheung is the general manager of the Macao subsidiary of Portuguese insurer Fidelidade Mundial SA, which is owned by Fosun International of China, the report says.

The association aims to bridge the gap between people working in insurance and the authorities, MNA says, citing Fidelidade Macau Chief Executive Paulo Barbosa, who chairs the supervisory council of the association.