As part of an initiative to help local small and medium sized enterprises (SMEs) cope with challenges associated with the Covid-19 pandemic, the Industrial and Commercial Bank of China (Macau) (ICBC) has approved an interest subsidy on 2,043 SME loans. In doing so, it has also considered 1,624 applications to repay the interest on such loans only. The bank disclosed that the interest subsidies will amount to a total of MOP12.3 billion. Moreover, the bank will hold the National Day Charity Run event on September 26 with all proceeds going to the Women’s Federation and the Sheng Kung Hui.
Think tank calls for expansion of inter-bank money transfer
The Collective Wisdom Policy Center, a think tank affiliated with the General Union of Neighborhood Associations, stressed that in order to construct a financial market with Macau characteristics, more convenient means of processing inter-bank money transfers will need to be explored and put forward. The think tank pointed out that inter-bank money transfers will achieve faster and safer payment. Furthermore, such money transfer can be conducted at all times without delay. The think tank listed mainland China and Hong Kong as examples to support the suggestion.
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