There is a “huge co-operation potential” between Macau banks and those from the Portuguese-speaking Countries, namely in the areas of payment and clearing systems as well as cross-border financing, said Ip Sio Kai, President of the Macau Association of Banks, in an interview with local newspaper Business Daily.

“The banks [in Macao] should improve their financing services for Sino-Portuguese trade and continue to explore and expand the market,” Mr Ip argued. He added that by doing so Macao banks could contribute more to diversifying the local economy and could “help build the city as a unique regional financial centre”.

Mr Ip – who is also Deputy Manager of Bank of China’s Macao Branch – noted the value of bilateral trade between China and Portuguese-speaking countries had shown an “obvious” increase in recent years.

“While Chinese companies are speeding up to expand their business beyond their country and invest in the Portuguese-speaking Countries, this will not only stimulate market demand for the cross-border use of the yuan but also for financial services, such as the financing of cross-border mergers and acquisitions,” Mr Ip explained.

Macao, he said, “has a unique advantage with its similarity in language, culture and laws to the Portuguese-speaking Countries”. Such advantages, he added, make Macao “an important service platform between both parties”.