New group set up to assist gov’t in construction of securities market

A new group has been established with the aim of helping the government swiftly develop the securities market in Macau. The establishment of such a body is deemed that a natural development of a securities market would occur too slowly for the requisite scale for the city.
The Securities and Funds Industry Association of Macao was established yesterday with the Industrial and Commercial Bank of China (Macau) Limited, represented by Chairperson Jiang Yisheng, as the founding president.
According to the new association, the securities industry is a new element in Macau. Under the current environment, its natural development will be too slow to reach the Macau’s goal.
The association, according to Jiang, will proactively build an ecology in Macau to attract the necessary elements for swift development, as well as providing opinions and suggestions to the government on relevant legislation and regulation.
The refinement of infrastructure is also a focus for the association.
During his speech at the inauguration ceremony, Secretary for Economy and Finance, Lei Wai Nong, revealed that the government is rapidly improving both software and hardware for the finance industry. Additionally, Lei noted that communication will continue with mainland authorities with regards to the implementation of cross-border financial policies.
Jiang disclosed that in the past two years, a 30% increase in wealth management investment has been recorded in Macau. The total scale of bond issuance and listing has reached MOP250 billion. AL