A study has concluded that helping Mainland Chinese banks and insurers use Macao to penetrate markets in the Portuguese-speaking Countries could make a big contribution to the development of the financial industry in the Guangdong-Hong Kong-Macao Greater Bay Area, Wen Wei Po reports.

The Hong Kong newspaper says the study was done by researchers led by Stock Exchange of Hong Kong Ltd Chief China Economist Ba Shusong.

The report says the study also found that Macao and Hong Kong insurers could work together to tap the Mainland Chinese market.

At present, no Macao insurer and only one Hong Kong insurer operates in Mainland China, Wen Wei Po says.