Three Zhuhai and four Macao financial institutions have agreed to mediate financial disputes, educate the public, train investors, and conduct daily exchanges regarding routine work.

Signing ceremony [Photo courtesy Nanfangplus]

Signing the contract in Hengqin on June 10 were the Zhuhai Court of International Arbitration, Protection Federation of Financial Consumption Rights & Interests of Zhuhai, and Hengqin Finance Association. For Macao: the World Trade Center Macau, Macau Association of Banks, Macau Insurers' Association, and Macau Insurance Intermediaries Association.

Tong Zhijun, president of the Zhuhai federation group, said the institutions will establish ways to resolve cross-border financial disputes and safeguard the legitimate financial rights and interests of consumers. 

The agreement will increase financial cooperation, augment the Framework Agreement on Guangdong-Macao Cooperation in Financial Dispute Mediation signed in 2019 by nine Guangdong cities and Macao, and improve the diversified resolution of social disputes and modern litigation. It signifies more convenient and efficient financial services to Zhuhai and Macao residents.

In addition, the agreement promises stable operation of the Guangdong-Hong Kong-Macao Greater Bay Area Wealth Management Connect pilot plan. This will allow residents to invest in cross-border wealth management products distributed by banks with the purpose of diversifying investments and facilitating the flow of capital in the Greater Bay Area.