Bank of China Macau Branch has upheld the ethos “Rooted in Macau, Steadfast in Serving” since it was first established in 1950. Thanks to the dedication and effort of its team, the bank has become a leader in the region and plays a key role in the local economy.
At the end of 2018, Bank of China Macau Branch had 35 sub-branches with total assets of over MOP680bn ($85bn) – savings, loans and profit are the main business indicators for the bank.
Bank of China Macau Branch has chaired the Macau Association of Banks for nearly 20 years, being one of two note-issuing banks, the agent bank for the Public Treasury of Macau SAR government, and the clearing bank for the Hong Kong dollar, US dollar and the renminbi in Macau.
Small and medium-sized enterprises (SMEs) account for more than 90% of the companies in Macau. However, the source of operating capital for Macau’s SMEs narrow, and the high cost of rent, the shortage of human resources as well as the lack of effective channels to promote and expand businesses, make business expansion difficult.
As the leader in the local banking industry, Bank of China Macau Branch puts SMEs high on its agenda. The bank supports the development of SMEs in Macau, and has gained a market share of between 30% and 40% across a range of businesses.
Besides, Bank of China Macau Branch also arranges the Inclusive Banking team specialised in carrying out centralised management and maintenance of SMEs, aiming to improve the efficiency and coverage of inclusive banking.
In line with the Macau SAR Government’s support for SMEs, Bank of China Macau Branch launched two initiatives, Easy Money and Mortgage Easy which connects SMEs to the government’s supportive schemes. Easy Money provides up to 70% credit guarantee under the SME Credit Guarantee Scheme.
Mortgage Easy, which has a loan-to-value ratio of up to 100%, allows maximum loans of up to MOP10m, payable within 15 years. It is in conjunction with government schemes that subsidise the interest on bank loans to SMEs. The eligible applicants who satisfy the necessary criteria can apply for a maximum of 4% interest subsidy for their bank loans for designated investments, granted by the Macau SAR Government, every year, for a maximum of four years, with conditions applicable.
Bank of China Macau Branch has launched four credit products to make SMEs’ company financing more convenient, including Turnover Easy, Supply Easy, Contract Easy, and Exhibition Easy. Designed to align with the operating characteristics of local SMEs, these credit overdrafts products promise customers standardised approval, and do not need financial statements for application.
Bank of China Macau Branch also supports local SMEs through hard times, and in the last two years, severe typhoons have caused serious losses to local businesses. Bank of China Macau Branch responded quickly, launching a special disaster assistance loan programme and arranging a special team to investigate the financial impact and needs of those affected. Moreover, Bank of China Macau Branch offers preferential interest rates on loans with flexible repayment methods. For instance, an SME does not need to pay back the capital within the first two years. A ‘green channel’ has been established to speed up the approval process in order to help the affected enterprises return to normal operations as soon as possible.
At the end of 2018, Bank of China Macau Branch officially launched BOC Pay – the first integrated payment system in Macau. It is the first overseas branch of BOC Group to officially launch BOC Pay. Merchants can use QR codes, POS machine and other tools to make payments through BOC Mobile Banking, Alipay, WeChat Pay and a range of bank cards. The deposits and fees are waived during the promotion period. This comprehensive service plan provides the public with a convenient, easy and secure mobile payment channel contributing to financial inclusion in Macau.
The Guangdong-Macau Business Registration and Banking Services Connect were launched by Bank of China Macau Branch launched last year. Macau investors interested in starting businesses in Guangdong Province can now entrust their registration materials to Bank of China Macau Branch. The bank will then submit the documents for registration through branches of Bank of China on the mainland, so that applicants are not required to go there in person. This service facilitates more efficient cross-border industrial and commercial registration services for SMEs in Macau.