Bank of China Macau Branch has been committed to building itself into a world-class bank in the new era, and continuously develops innovative banking business. Relying on the advantages of global network, integrated platform and specialized products, it has not only offered diversified financial products and services for the "Belt and Road" initiative including commercial banking, investment banking, insurance, equity investment, funds and aviation leasing, and also provided financing for a series of major projects along the "Belt and Road" initiative. As the economy is experiencing rapid and high-quality development, BOC has further transformed its development concept and approach. It accelerates the high-quality development of financial services and financial products, deeply integrates itself into the regional economy, and joins hands with the Faculty of Finance of City University of Macau to achieve the combination of "enterprise, school and research" to promote the innovative development of the financial industry.
On 24 October 2019, the Faculty of Finance of CityU held the Bank of China Financial Workshop activity, and invited Mr Yang Yuehao, Lionel, Deputy General Manager of E-Finance Development Department of Bank of China Macau Branch to deliver the seminar - Impact of Economic Development on "Internet + Finance" - to postgraduate and doctoral students and teachers of the Faculty of Finance.
Mr Yang said that the nature of finance is the flow of money. With liquidity come other businesses such as deposits, loans, exchange, payment, credit, investment, securities, insurance, trust and derivatives. However, as information asymmetry exists in the financial market, it requires financial intermediaries, banks and other financial institutions to act as a bridge to realize the indirect financing between investors and borrowers. Later, Mr Yang further elaborated on the characteristics of financial system: mixed supervision and mixed operation; separated supervision and separated operation. He compared and analysed the differences between the financial development in Greater China and that in Europe and the US during the period from the 2008 financial crisis to 2016. For example, the regulatory environment is strict in both regions, but the financial market in Greater China is still emerging, and its derivatives market is not yet mature with ongoing payment innovation related to people's livelihood; the financial market in Europe and the US is mature with booming derivatives market and advanced quantitative trading. Regulation is the key in Internet finance. It is suggested to introduce a licensing mechanism to incorporate Internet finance companies into the management of financial institutions and explicitly define the illegal acts of unlicensed companies. Mr Yang then elaborated on the three-level account system of third-party payment institutions, as well as views on the CSRC's measures, antitrust, and provisions deposited at the People's Bank of China.
Bank of China Macau Branch has long and unswervingly served the real economy while facilitating the transformation. All teachers and students have felt the determination of BOC Macau Branch in improving its service quality. In the last session, teachers and students warmly exchanged views with Mr Yang, and Mr Yang provided his opinions on questions raised. The students gained a more profound understanding of how to fully utilize financial services to promote the deep integration of the Internet, big data, artificially intelligence and the real economy, as well as how to accelerate and support the transformation and upgrading of the traditional banking industry. The lecture concluded with a pleasant exchange.