On the afternoon of 28 October 2021, the Faculty of Finance of the City University of Macau held the Finance Seminar Series [7], themed “The Development Opportunities of Macao Banks Under the In-Depth Cooperation Between Hengqin and Macao”, at the Ho Yin Convention Centre. Mr Edward Xu, Retail Banking Director of Well Link Bank, was invited to preside over the seminar and share his views on the theme. The seminar was attended by Dean Cheung Wai Kong and Associate Dean Khong Yueng Wah of the Faculty of Finance, and Professor Chan Cheuk Wah.

Mr Xu first introduced the Master Plan of the Development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin to the students, including the scope of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin (the Cooperation Zone), and the application of sector-specific policies in the Cooperation Zone. He analysed the four strategic positions of the Cooperation Zone: “a new platform to boost Macao’s adequate economic diversification”, “a new space that provides convenience to Macao residents’ life and employment”, “a new model to enrich the practice of ‘one country, two systems’”, and “a new high ground for building the Guangdong-Hong Kong-Macao Greater Bay Area”. Mr Xu also shared with the students the “three-year goals”, “eight-year goals”, and “long-term development goals” of the Cooperation Zone up to 2035, to help them further understand the blueprint for its future.

According to Mr Xu, the Master Plan aims to use the Cooperation Zone to promote new industries that stimulate economic diversification in Macao, such as science and technology research and development and high-end manufacturing industries; cultural tourism, conventions and exhibitions, and commercial and trade industries; and the modern financial services industry. Mr Xu noted that banking is absolutely the primary sector of Macao’s financial services industry, and then he covered the status quo of Macao’s banking sector. In the end, Mr Xu pointed out that in the Cooperation Zone, Macao’s banking sector needs to “delve into modern finance and deploy business plans”, “actively develop featured financial services focusing on finance leases and wealth management”, “actively develop wealth management business with Cross-Boundary Wealth Management Connect as the starting point”, and “leverage the platform between China and Portuguese-speaking countries and the Belt and Road Initiative to provide cross-border integrated services”. Based on this, he elaborated on business deployment of Well Link Bank in the Cooperation Zone.

At the end of the seminar, the students eagerly posed relevant questions. Mr Xu patiently answered the questions in detail and had a lively discussion with them. They were also given souvenirs. Against the backdrop of the launch of the Cross-Boundary Wealth Management Connect Scheme, consisting of the Southbound Scheme and the Northbound Scheme, the seminar offered an opportunity for students to learn more about the products and information regarding banks’ cross-border wealth management business, from which they benefited a lot.