Economy | Gov’t hungry for finance leasing sector

The local government has begun “stepping up efforts to develop finance leasing businesses in Macau, including the drafting of a framework regulation,” according to a statement from the Government Information Bureau (GCS).

Speaking to the press on Wednesday, the Secretary for Economy and Finance, Lionel Leong, said that he hoped the draft version of the framework regulation for finance leasing business would be completed next year.

A cross-departmental taskforce has also been established with the aim of “facilitat[ing] the development of a specialized financial sector.” The taskforce, in addition to including public officials, has sought contributions from members of the city’s existing financial institutions.

Leong said on Wednesday that the government has already contacted several large-scale international companies with experience in finance leasing and has determined that a number of them are interested in investing in the MSAR. However, the secretary declined to provide the names of the companies in question.

In addition, the government is exploring opportunities to establish a system for trade credit insurance, a strategy, that according to GCS, is supported by the Central Government.

“With such a system, Macau will be able to take a greater role in promoting cooperation between companies from Portuguese-speaking countries, and those from the mainland and from Macau,” promised GCS in the statement.

The local government is actively looking for underwriting companies or institutions as partners, and has received a “positive response to its inquiries.” It is expected that further progress will be made in the coming year, noted GCS. DB