The Bank of China (BOC) has rolled out a series of supportive services to help start-ups and micro-, small-, and medium-sized enterprises (MSMEs) in Hengqin thrive, in line with the country's efforts to diversify Macao's economy.
The island of Hengqin, a part of Zhuhai City of south China's Guangdong Province, is located just across the river from Macao. It is home to the Guangdong-Macao In-depth Cooperation Zone, which was launched in 2021 by the Chinese central government to foster deeper integration between the two regions.
The BOC's Hengqin cooperation zone branch has introduced a range of favorable services to support individuals looking to start a business. These include low-interest loans, cross-border payment solutions, and dual-currency payment options.
Amy Wat, an experienced restaurant owner from Macao, moved her business to Hengqin after her lease in Macao expired.
"They genuinely want to support us micro-, small-, and medium-sized enterprises in the Greater Bay Area (GBA). We have access to low-interest loans. We've never done business here, have no banking history, and no background, but they still trust us and provide significant support," said Wat.
The bank's is now approving loans for Macao start-ups even if they lack of assets or revenues in the mainland.
By sharing credit records with its Macao counterpart, the bank is offering loans of up to 40 million yuan (about 5.49 million U.S. dollars) to Macao businesses registered in Hengqin and a repayment term of up to 10 years.
The BOC is also simplifying the home-buying process for Macao residents.
"After receiving the client's remittance for the property purchase, our bank directly converted and transferred the funds to the developer's account as instructed. This streamlined service allows Macao residents to complete their property purchases in one go, significantly reducing cross-border transaction costs," said Liu Xianghong, president of BOC's Hengqin cooperation zone branch.
Wat's restaurant is located in one of Hengqin's newest residential blocks, where Macao residents aged 18 and above are eligible to buy property. She has rented an apartment on the island and is considering purchasing one.
"I'm really happy. Every day, I wake up to see the sun, and I have a big balcony here, plus the bathroom has a window. It's truly a wonderful and fulfilling thing," she said.
Another factor in Wat's decision to relocate her business to Hengqin is the convenience of using the Macao currency, the pataca, for daily transactions -- an important benefit for business owners like her, whose customers are mostly from Macao.
Other local businesses, from supermarkets to coffee shops and convenience stores, are also adopting the dual-currency payment system. Supported by the BOC's Guangdong and Zhuhai branches, the system enables consumers to make small mobile payments in either Chinese yuan or Macao pataca, promoting the integrated development of both the cooperation zone and Macao.
The GBA, known as one of the most open and economically vibrant regions in China, consists of nine cities in Guangdong Province, namely Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, and the two special administrative regions of Hong Kong and Macao.
Bank of China supports Macao small businesses in expanding to neighboring Hengqin Island
