[ 1+4 Financial Service Platform between China and PSCs ] Monetary Authority of Macao and Central Bank of Timor-Leste Renew Agreement to Strengthen Bilateral Ties and Cooperation
MACAU, April 24 - The Monetary Authority of Macao (AMCM) and the Central Bank of Timor-Leste (BCTL) signed a renewed Cooperation Agreement at the 6th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries in Macao to deepen and strengthen collaboration in various areas. Meanwhile, a bilateral meeting was held for sharing experience and information on financial supervision, financial-market development and reserve management.
Renewed Agreement to Deepen Cooperation
The renewed Agreement has set out the general framework for cooperation between the AMCM and the BCTL, covering different aspects of functions pertaining to financial regulators. It has also deepened the cooperation between the two central-banking institutions in various areas, with particular emphasis on financial supervision and technical assistance on central-banking operations. The updated Cooperation Agreement replaces the one signed in 2019.
Bilateral Meeting to Enhance Exchange
A bilateral meeting was held, at which the AMCM presented to the BCTL financial- supervision operations, including experience in revising the Financial System Act, the various guidelines formulated to support the development of modern financial services and anti-money laundering, the evolution of mobile payments, the study of a risk-based capital framework for the insurance industry, as well as the management of the Fiscal Reserve and foreign exchange reserves.
Meanwhile, the AMCM and the Macao Central Securities Depository and Clearing Limited (MCSD) introduced to the BCTL Macao’s bond-market development, the custody of Chinese sovereign bonds denominated in Renminbi under Macao’s Central Securities Depository (CSD), as well as MCSD’s services. The AMCM also welcomed Timor-Leste to invest and raise funds through Macao's bond platform.
The AMCM has maintained a close relationship with Portuguese-speaking countries (PSCs). Other than conducting bilateral exchange and cooperation, the AMCM has actively attended or organised PSCs’ multilateral meetings and events in various financial areas, thus giving full play to Macao’s function as a “Financial Service Platform between China and PSCs”.
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