The Finance Seminar Series [16] organized by the Faculty of Finance at Macau City University was held on February 22, 2024, at Ho Yin Convention Centre on Taipa Campus. Mr. Vincent Cai, Executive Director and Vice President of Well Link Bank, and Ms. Joana Leong, Regional Director of Well Link Bank, were invited as guest speakers for this seminar. The topic of this seminar focuses on "Wealth Management in Macau". Guests attending this seminar include Dean Adrian Cheung and Associate Dean Eva Khong of the Faculty of Finance, City University of Macau.

Mr. Cai graduated from the MBA program at Hitotsubashi University in Japan and the EMBA program at Tsinghua University's PBC School of Finance. He was awarded the "Young Leaders" scholarship by the Japanese government and has 23 years of experience in the banking industry. He has worked at the China Agricultural Bank for 18 years, serving in various positions such as branch manager at the Shenzhen branch, deputy general manager of the marketing department at the head office's private banking department, and general manager of the business management department at the private banking department. Ms. Joana Leong, Regional Director of Well Link Bank, has over 25 years of experience in retail and corporate sales and management in the banking sector. She has previously served as a training instructor for the local real estate agency licensing course at the Macau Labour Affairs Bureau.

In the seminar, Mr. Cai shared insights on the creation and distribution of wealth, the wealth management market in Macau, asset allocation and wealth planning, as well as the banking industry in Macau. Regarding the creation and distribution of wealth, Mr. Cai pointed out that in recent years, with the rapid development of artificial intelligence technology, AI-generated content (AIGC), represented by ChatGPT, has become a hot topic. This technology possesses a powerful iterative evolution speed, evolving from its previous role as “an assistant in industries" to a significant driving force behind the emergence of new industries, creating immense wealth and employment opportunities for society. Currently, AIGC technology has made significant breakthroughs not only in the text and image domains but also in generating impressive progress in AI-generated videos. The continuous development of this technology is driving innovation across various industries, bringing more business opportunities and benefits for companies and individuals.

Mr. Cai mentioned that Macau's wealth management market is diverse and innovative, providing investors with a wide range of choices and development opportunities. In recent years, the wealth management market in Macau has experienced robust growth, attracting numerous international financial institutions to establish their presence. Macau's financial institutions include insurance companies, securities firms, fund management companies, and banks. They offer a variety of highly professional financial products and services to their clients. He introduced various insurance products available in Macau, including life insurance, property insurance, medical insurance, education insurance, retirement medical insurance, critical illness insurance, savings insurance, endowment insurance, and high-end medical insurance. Insurance institutions also offer unique products such as policy financing loans, allowing customers to obtain loans using the cash value of their insurance policies. The securities market in Macau covers a diverse range of securities products, including stocks, bonds, commingled funds, and ETFs. Special products such as monthly installment stocks, margin trading, and equity-linked investments are also available. In the fund sector, investors can choose from equity funds, bond funds, commingled funds, and money market funds. Macau's fund market continues to grow, providing investors with more quality investment options. In the banking sector, Macau banks offer comprehensive services including deposits, loans, investments and foreign exchange transactions. They also provide unique financial products such as foreign exchange margin trading, gold savings, and bond financing. These diverse financial instruments not only meet the diverse needs of customers but also further promote the healthy development of Macau's wealth management market.

Mr. Cai then conducted an in-depth discussion on the significance of asset allocation. He emphasized that asset allocation should be tailored to different risk preferences and wealth planning strategies, employing astute investment practices to fulfill the objectives of both wealth appreciation and preservation. For individuals or families, a successful asset allocation strategy requires consideration of multiple factors, including risk tolerance, income level, financial aspirations, and attention to changes in the global economic environment. Investment advisors and financial institutions play a crucial role in this context, developing customized asset allocation and wealth planning strategies that are aligned with the specific circumstances of individuals or families, thereby assisting them in achieving their financial goals, minimizing risks, and maximizing returns. Mr. Cai further explained the overall logic behind asset allocation, which involves securing an optimal risk-reward ratio in the asset allocation among major asset categories, followed by selecting top-performing investment advisors and products within each asset class to achieve excess returns, dynamically adjusting and continuously optimizing the investment portfolio.

Mr. Cai emphasized the transformation and challenges of the Macau banking industry in the context of globalization. With its advantageous geographical location and diverse financial culture, Macau has become an integral part of the international financial market. As key participants, the Well Link Financial Group and Well Link Bank demonstrate strong capabilities in embracing international challenges through a variety of sophisticated financial services and strategic cross-border expansions.

Following the conclusion of the seminar, students eagerly posed questions about the wealth management market in Macau, to which Mr. Cai responded with patience. The Faculty of Finance would like to extend our gratitude once again to Mr. Vincent Cai for his insightful analysis and sharing of experience. This seminar allowed the students not only to deepen their understanding of asset allocation and wealth planning but also to spark their enthusiasm for financial knowledge. The students found the session immensely enlightening and expressed their anticipation for attending the next finance seminar.