BNU Presentation_EN - Business Mission organized by OVIA.pdf

MACAO:
SINO-LUSOPHONE FINANCIAL PLATFORM

BNU Timeline
01
02
Global Network – CGD Group
03 Promoting Cross-Border Business
04
BNU Today
2
06
07 Macao: SINO-Lusophone Financial Platform
08
Guandong-Macao In-Depht Cooperation
Zone in Hengqin
09
TOPICS
SMEA – Small & Medium Enterprises Area
05 The Guandong-Hong Kong-Macao Greater
Bay Area(GAB)
10
Macao Banking System
Macao: BNU Trade Finance Products
“1+4” Diversified Development Strategy
11

1
BNU Timeline
For over a century, as both a commercial and issuing bank, BNU has been part of the growth of the financial life of Macao.
3
BNU original building in 1926
1864
BNU was founded in Lisbon, Portugal, to act as an
issuing bank in the Portuguese overseas territories and
contribute to its economic development.
Macao branch was opened as the first bank in Macau with exclusive
permission to issue banknotes - the patacas - aiming to establish a
monetary system in the territory.
BNU iconic building is inaugurated. BNU’s head office
remains in the same location since then.
BNU merges with CGD – Portuguese State-owned bank - and
becomes a bank incorporated in Macao SAR. An agreement was
signed with the Macau SAR Government whereby BNU also
remains as an Agent of the Treasury.
Establishment of BNU Shanghai Representative Office.
BNU has been at the forefront of the development
of the Macau financial system, supporting its
people and businesses throughout the decades.
Opening of BNU Hengqin Branch.
2018
Expansion of the branch
network in Macau. 2020 BNU signed the renewal for the Authorized Issuing
Bank Macao SAR for another 10 years, until 2030.
BNU awarded with an Industrial and
Commercial Merit Medal by Macao SAR
Chief Executive.
BNU headquarters as of today
3
BNU completed the expansion and modernization of its
headquarters, continuing to be a landmark in Macao´s city center.
1902
BNU confirmed to remain a note issuing bank
after the handover.
2011
1926
2001
1995
1997
2006
2017
1930’s
1990’s
2022
BNU Celebrates its 120th
Anniversary
BNU launches BNU Pay

1
BNU Timeline
4
1864
BNU was established in Lisbon, Portugal, with the objective of acting
as an issuing bank in the Portuguese overseas territories and to
contribute to their economic development.
1902
.
Expanded its network in Portugal, overseas territories and foreign countries,
becoming the issuing bank.
Macao branch was opened in 1902 and issued the first banknotes in Macao three
years later in 1905.
BNU former headquarters in Lisbon

1
BNU Timeline
5
1930´s -1990´s
BNU has been at the forefront of the development of the Macau financial system,
supporting its people and businesses throughout the decades.
In 1988, Caixa Geral de Depósitos acquired the majority of the capital of Banco
Nacional Ultramarino, with the Portuguese Republic becoming its sole shareholder.
BNU focuses its commercial and banking activity on supporting and developing the
SME sector and on diversifying other areas of business.
1995-1997
BNU Macau confirmed as a note issuing bank. The
authorization has been extended in 2010 and 2020.
BNU completed the expansion of its headquarters,
with a modern skyscraper rising above its original
facade and columns, and continues to be a landmark
in Macau´s city center.

1
BNU Timeline
6
6
2001
BNU merges with CGD by incorporation of BNU into CGD.
BNU Macau Branch becomes a bank incorporated in Macau SAR, retaining the name Banco Nacional
Ultramarino S.A. and being a wholly-owned subsidiary of CGD.
Agreement signed with the Macao SAR Government whereby BNU remains as an Agent of the Treasury.
2006-2019
Opening of the representative office in Shanghai in 2006.
In 2011, BNU was awarded with the Industrial and Commercial Merit Medal by
Macao SAR Chief Executive.
Opening of the branch in Hengqin in 2017.
Expansion of the network of branches in Macao (#20).

1
BNU Timeline
7
7
2020
BNU signed the renewal of the Authorized Issuing Bank contract by the Government of the Macau
Special Administrative Region (Macao SAR) for another 10 years.
2022-2023
BNU celebrates its 120th Anniversary
BNU launches BNU Pay
BNU distinguished
with the “Silver Lotus
Medal of Honor”

2
BNU Today
8
Data as of 31 Dec. 2023
Nowadays, BNU retains its status as one of the main banks of the Macao SAR, serving
around a third of Macao’s population.
8
Local Network: 17 Branches (1 branch in Hengqin- Mainland China);
221 ATM; 483 Employees
Active customers: 163,500; Represents around 24% of the population.
Total assets (M€) Net income (M€) Loan to Deposit Cost to Income ROE ROA
5,929 67.0 72.9% 34.6% 9.2% 1.1%

2
BNU Today
9
BNU Business focuses on 5 main commercial areas: Retail, Private Banking, SME, Large
Corporate, and Hospitality and Gaming, with specialized teams in each area.
Business
Corporate Large Corporate
Retail
Retail Customers
- Affluent clients under
Advantage brand
- Retail banking
services and consumer
lending
- Individual RMB
Business
Small-and medium-
sized enterprises
-Merchant Acquiring
-Credit facilities
-Trade finance
-Equipment Leasing
Large enterprises
such as universities,
utilities, listed
companies
-Project finance
-Syndicated loans
Private
Private
- Asset management
and investment areas
- Introduction of
innovative investment
products & services
Gaming & Hospitality
Large enterprises
related with Gaming
such as casinos and also
Institutional Customers
-credit facilities,
deposits
-other relevant banking
services
Supporting Infrastructure
9

3
10
BNU is part of Caixa Geral de Depósitos (CGD Group) one of the biggest financial institutions in Europe, with a global
network in 4 continents in Europa, Asia, Africa and the Americas.
BNU is in a strategic position to act as a bridge between Macao/China and the Portuguese Speaking Countries and to
the wider economic areas to which they are connected.
AFRICA (Angola, Mozambique, Cape Verde & São Tomé and Principe)
10
… in particular with the Portuguese-Speaking Countries
Connection to economies with 750
million consumers
Portuguese is the 1st language on
the Southern Hemisphere 
Population: 293 millions
BNU connects its clients to the World
EUROPE (Portugal, Germany, Belgium, France, Luxemburg , United Kingdom and Switzerland)
PORTUGAL
CHINA/MACAU
EAST –TIMOR
Source: Banco de Portugal, Publicação Lusofonia Outubro de 2018. * Data from 2017. Combined Population of the PSC n 2020 – Publicação Lusofonia.  Every PSC + EU market  Observatório da Língua Portuguesa 10
BRAZIL

Portuguese Speaking Countries
CGD Global network provides BNU with a
multichannel communication platform,
which allows the exchange of market
information and business opportunities
between Macau/China and the Portuguese
Speaking Countries.
3
11
11
BNU is strategically positioned to explore synergies for triangular financial operations involving
China, Macao & PSC
BNU opened the Shanghai representative office in
2006 and signed a cooperation protocol with BOC
Macau in June 2015. This Protocol aims to contribute
to the enhancement of Macau as a financial platform
between China and the Portuguese Speaking
Countries (PSCs).
China
Guangdong Province – GBA
In January 2017, BNU opened Hengqin
Branch to work as a bridge for economic
and financial cooperation between
Chinese & PSCs companies.

4
12
AREA
33 sq km
Macao Peninsula, Taipa and Coloane Islands and new landfill areas
POPULATION 683.7 thousand inhabitants (4ºQ 2023)
ECONOMY
Macao has achieved extraordinary economic performance over the
past 2 decades. GDP increased from MOP 51.9billions in 1999 to
MOP 434.billions in 2019, an average annual growth rate of 11.9%.
With the pandemic, the economy suffered a hard impact. In 2020,
GDP fell by 56.3%, with the annual gross revenue from the Game
falling by 79.3% and the total number of tourists falling by 85.6%,
compared to 2019 when the territory received almost 40mio visitors. In
2021, the economy recovered slightly, GDP increased by 18% and
gross annual gaming revenue increased by 43.7% (however, only 30%
of 2019 revenue). The number of tourists grew 30.7% compared to
2020 (20% of the number of visitors in 2019). In 2022, GDP fell by
23.4%. With the end of restrictions in China, Macao and Hong Kong at
the end of 2022, the GDP grew up 80.5% in 2023 and it is expected
to grow 27.2% for 2024 (IMF).
MONETARY
SYSTEM
The Macao Pataca (MOP) is pegged to the Hong Kong Dollar (HKD).
1HKD = 1.03MOP
BNU and the BOC branch in Macao are the local currency issuing
banks.
Brief description of the RAEM
Source: DSEC & EIU

4
13
Source: AMCM & DSEC, as of 31 Dec. 2023
2023 MOP (Mio)
Annual change
rate (%)
TOTAL ASSETS 2,428,142 -6.2
DEPOSITS 1,223,403 -3.0
LOANS 1,093,333 -14.2
2023 TOTAL
BANKS 32
EMPLOYEES 7,249
BRANCHES 263 (2022)
• Macao's banking system is supervised by the Macau Monetary Authority (AMCM), under the 1993 Legal Regime
of the Financial System (RJSF), the general legal framework applicable to financial activities in Macao, with the
exception of the insurance sector, regulated by other legal degrees.
• The RJSF adopts the regulatory principles and guidelines recommended by the Basel Committee on Banking
Supervision, bearing in mind the experiences of the European Community and the financial systems in other
jurisdictions with which Macao has more affinities.
• Currently there are 32 banks in Macau: 12 banks headquartered in the territory and 20 banks headquartered abroad.

14
5
SMEA - Small & Medium Enterprises Area
What is SMEA and what are the SME Strategic Priorities?
 Promote and develop business with existing and new SME customers
at branches level;
 Active promotion of the Macao SAR’s SME supporting loan and other
subsidies;
 Support to branches for any Commercial Campaigns relating to
SMEs;
 Support to branches for the POS/e-channels business to SMEs;
 Promote SME insurance;
 Preparing and approving (or recommending) SME credit;
 Reactivation of existing inactive customers at branches.
SMEA – Small & Medium Enterprises Area was created to support the SME business in the Retail Area, its
main tasks being the following:

15
5
Why are SME so important?
• Small and medium sized enterprises (SME) still maintain an important role in the
Government plan for Macau’s economy as they contribute to a significant share of
the economic development and employment.
• Supporting the development of SMEs is always one of the long-term
diversification of growth policy of the Macao SAR
• BNU, as the Issuing Bank of Macao SAR, it is always a strategy in supporting the
Macao SAR to develop the economy of Macao. It is one of the strategy of BNU to
do more business with the bank’s SME customers as well as new customers.
What is the SME definition from Macau Economic and Technological Development Bureau?
Micro and SME: enterprise operated by a corporate commercial entrepreneur or legal person that meets all of the
following requirements:
• Registered in DSF (“Direção dos Serviços de Finanças”) for fiscal purpose;
• Staff headcount until 100;
• Staff members referred in previous paragraph perform its activity in the Macao Special Administrative Region;
• More than 50% of the enterprise's capital must be owned by a Macao Resident.

16
5
What connections does SMEA has outside Macao?
• Increase synergies between SMEA and BNU Hengqin in the
cross border business SMEA through BNU Hengqin, helps the
SME customers in the new cooperation zone in Hengqin;
• BNU and SMEA can play a supporting role for all companies
who intend to do business in Greater Bay Area;
• Increase synergies between SMEA and the Portuguese
speaking countries taking advantage of belonging to Group
Caixa Geral de Depósitos (CGD);
• SMEA through the different Banks owned by CGD, can help
the SME customers doing business in Portuguese-speaking
countries;
• BNU and SMEA are the ideal partner to support those who
have companies in Portugal and in other Portuguese-
speaking countries. Macau is the ideal gateway for
companies in the Portuguese-speaking countries to enter
the Chinese market, in particular those who intend to do
business in the Guangdong-Hong Kong-Macao Greater Bay
Area (GBA);

17
6
What are the SME Products & Services?
• SME corporate loan;
• Overdraft;
• Revolving facilities;
• Financial leasing;
• General insurance;
• Acquiring: POS /mobile payments Payroll;
• BOB (Business Online Banking);
• Sole Proprietorship Debit Card;
• Corporate Credit Card;
• Macao SAR’s SME program for supporting loans and other subsidies;

6
BNU Credit Facilities
18
BNU designs solutions that meets your financial requirements in terms of utilization of
funds, repayment schedule, interest rate and currency of the loan.

6
BNU Credit Facilities
19
BNU designs solutions that meets your financial requirements in terms of utilization of
funds, repayment schedule, interest rate and currency of the loan.

6
Trade Finance Solutions
20
Trade Finance Solutions
Documentary Trust Receipt
Negotiation Of
Export Documents
Import/Export Bill For Collection
BNU provides a comprehensive trade finance package and delivers it with high efficiency,
flexibility, excellent service and prompt execution.

6
Letter of Credit (LC)
21
BNU provides a comprehensive trade finance package and delivers it with high
efficiency, flexibility, excellent service and prompt execution.

6
Telegraphic Transfer (TT) followed by Loan
22

6
Trust Receipt (TR)
23

6
24
BNU Business Online Banking (BOB)

7
25
World Center for Tourism & Leisure
MAIN ADVANTAGES OF MACAO
Free port with
efficient and
expeditious
customs
clearance
rules
Freedom of
capital
movement with
low income tax
rates
Lusophone
cultural,
linguistic and
legal matrix
Market
economy with
easy access to
Mainland
China
Economic & Trade Cooperation Platform
between China and the PSCs
Base of multiple cultures
MACAO: SINO-LUSOPHONE FINANCIAL PLATFORM

7
26
MACAO TAX SYSTEM
PROFITS
0% to 12%
PROFESSIONAL
TAX
0% to 12%
Contribution for
Social Security
MOP30 + 60 /
month
(company and
staff)
DIVIDEND TAX
0%
Source: IPIM, BNU
Macao has a simple tax regime with a low tax burden:
• Supplementary income tax (on profits) and professional
tax have a maximum rate of 12% (currently after
deductions the maximum rate of professional tax is 6%);
• The industrial contribution to most commercial activities is
around 300 MOP annually;
• There are no taxes on capital gains or dividends;
• No VAT and reduced Social Security taxes (MOP90/month);

7
27
Macao banks can support companies in setting up business in Macao and identifying
potential partners:
 Simple and quick to establish a company in Macao;
 Simple taxation system (no tax on capital gains, dividends and interest, IMI and IVA) and very
competitive corporate income tax rates;
 Continental Law (basic law similar to Portuguese);
 Good infrastructure, connectivity with China and access to major air hubs;
 Access to good financial services and support services (accountants, lawyers, logistics
companies, etc.);
 Good quality of life for expatriates, with Macao being one of the safest places to live;
 Access to investment incentives for Companies and SMEs;
 GBA market access, Industry, R&D, Innovation Center and Shared Services/Data Processing
Centers;
 Lower cost to rent a house in Macao compared to Hong Kong;
 Proximity to one of the main logistics centers for supply and purchases;
25%
17%
16.5%
12%
Corporate
Income tax
Macao
45%
22%
15%
12%
Professional tax
Hong Kong
Singapore
Mainland China
Macao
Hong Kong
Singapore
Mainland China

8
28
Portugal |Portuguese Speaking Countries (PSC)|
Other CGD Banks / Rep. Offices
PRC-GBA – MACAU – PSC/Other CountriesPSC/Other Countries – MACAU –
PRC-GBA
BNU – BOC Macau, June 2015
BNU – CGD Group, June 2018
BNU – ICBC Beijing, September 2019
BNU – IPIM, October 2019
BNU – ICBC Macau , April 2020
Several agreements/partnerships have been signed to facilitate business between China & PSC.
28
Promoting Cross Border Business

29
Chinese companies
& entrepreneurs
looking for
partnerships in
PSC
PSC companies &
entrepreneurs
looking for
partnerships in
China
POTENTIAL
BUSINESS
PARTNERS
PSC Macau / China
POTENTIAL
BUSINESS
PARTNERS
PSC
China / Macau
8
Promoting Cross Border Business
Several agreements/partnerships have been signed to facilitate business between China & PSC.

9
Macao SAR – One Center, One Platform, One Base
A springboard to connect West and East with a unique strategic location.
World Center for Tourism & Leisure;
Economic and trade cooperation platform for China and
Portuguese-speaking countries
Base of multiple cultures’ co-existence with Chinese
culture as the mainstream.
Macao SAR Advantages to attract investors:
• The only city in GBA with close ties with Portuguese
speaking countries therefore, inherent advantages in
the development of investment products related to
PSC;
• Free-trade port;
• No foreign exchange controls;
• Market economy - Out of 180 economies Macau
ranks 35th in the 2020 Economic Freedom Index
and 9th among the 42 economies of Asia-Pacific
• Efficient and expeditious customs clearance rules;
• Low taxation rates
30

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31
Financial
center
High
Technolo
gy Center
Integrated Zone:
education, business,
culture, creative
industries, science
and R&D technology
Entertainment
Hengqin New Area
• Officially established in 2009, Hengqin New Area is one of three Free Trade
Zones in Guangdong Province, the others being Nansha (Guangzhou) and
Qianhai (Shenzhen).
Main goals
• Demonstration area for exploring the new cooperation model
under “one country, two systems”, with the aim of attracting
international business and becoming a service base to support
the diversification of Macao's economy and increase
regional cooperation ;
• Pilot area for deepening the opening to the outside world and
for technological innovation;
• New platform to boost the upgrading of industries in the region
on the west bank of the Pearl River estuary.
GUANGDONG-MACAO IN-DEPTH COOPERATION ZONE IN HENGQIN

9
32
Macao Companies Projects
1) Serensia Woods (~2022)
2) TCM Park (partial opening)
3) WePark (~2023) e GrandMixC (~2023)
4) Macau New Neighborhood (~2024)
5) German Town (~2023)
6) Macau Cable TV (~2022)
7) Grand Central (~2022) e Star Mall (~2022)
8) Ponto (open)
9) Shun Tak (~2022)
10) Jimei JV Hengqin Headqarters Building
(aberto)
11) Nam Kwong (~2022)
12) Macau University (open)
13) Galaxy (construction not started yet)
Source : GW Investment Consulting
Different
Macau
Companies
have already
invested in
Hengqin or
intend to do
so

9
33
In 2017 BNU opened Hengqin branch to extend the banking services to China and explore the
synergies for triangular financial operations involving China, Macao, PSC and other markets.
• BNU Hengqin can serve as a strong platform between PSCs and China;
• BNU has been in the region for 120 years
• The Belt and Road Initiative and the GBA development has been
attracting investment and increasing trade volumes between China and
PSCs.
• As of February 2023, 5,396 Macao based companies have established
in Hengqin, with a registered total capital of Mop 46.1 Billion;
• As per Zhuhai Government, the companies from Macao represent 60%
of local foreign-funded enterprises;
• BNU Hengqin targets Macao residents and foreigners that want to invest
in the GBA and expand their businesses to China;
• Our branch in Hengqin provides individual and corporate credit facilities.
BNU Hengqin’s Branch Advantages
Doorway to enter GBA and China
Investment from Macao
Different Market Segmentation
Unique Position
BNU Hengqin
Branch
33

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34
Zhuhai Special Economic Zone (SEZ):
GDP: RMB 404.5 Billion as of 2022
Located in Guangdong Province, contiguously to Macao SAR;
One of China’s first Special Economic Zones (SEZ), established in 1980
Area: 1,736 km2
Population: 2.4 Million
Zhuhai is home to thousands of small- and medium-size companies, as well as major projects of over 50
Fortune 500 companies and over 12,000 foreign direct investment projects, generated from over 70 countries
and regions.

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35
• 1 of 3 FTZ of Guangdong, a New Area of Zhuhai, formally established in 2015
(the others are Guangzhou Nansha New Area & Shenzhen Qianhai and
Shekou Industrial Zone)
• 200 meters away from Taipa (Macao)
• Area: 106.5 km2 (3 x Macau SAR area)
• GDP: RMB 109.1 Billion as of 2023 Q1 (an annual average increase of 3.8%)
Attract internacional businesses and become a service,
recreational and travel base between China and other
countries, and support Macao’s economic diversification
through non-gaming activities and increased regional
cooperation. It has been developing its industries in the
fields of commercial and financial services, tourism, leisure,
healthcare, culture, science, education, and hi-tech.
The Hengqin (FTZ) aims to:
Finance
Center
Entertainment
Integrated zone:
education, business,
cultural, creative,
scientific, tech R&D
High Tech
Center
Hengqin Free Trade Zone (FTZ)

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36
Hengqin General Development Plan
Hengqin
Projects in Development
Already in Hengqin FTZ
• Chimelong International Ocean Tourist Resort;
• District (Hengqin Convention & Exhibitio Shizimen Central
Business n Center);
• Traditional Chinese Medicine (TCM) Science & Technology
Industrial Park of Cooperation between Guangdong & Macao
(GMTCM Park);
• Yacht Marina and Yacht Industry Demonstration Base
• Hengqin Financial Island;
• Hengqin Port Transport Hub (Direct connection by train with Guangzhou and other GBA cities. Guangzhou-Zhuhai Intercity Mass Rapid
Transit will extend to Hengqin port and link with Macao’s light rail system, resulting in closer transportation links between Macao and other
GBA cities);
• Hengqin (Legend Pondo Friendship) Square (being developed by Macao Lai leng Investment Company. It contains a large shopping mall,
retail, catering, theater, and other facilities, and provides a venture platform for Macao's SMEs);
• Guangdong-Macao Cooperation and Industrial Park (4.5 sq km to develop TCM, cultural and creative, education, training and other
industries. 28 projects have applied to settle at the park as of Feb.2020).

10
37
The Guandong-Hong Kong-Macao Greater Bay Area (GBA) encompasses 11 cities: 9 in
Guandong Province and the 2 Special Admnistrative Regions of Macao and Hong Kong.
THE GUANDONG-HONG KONG-MACAU GREATER BAY AREA (GBA)
65,000 Km²
(1% total da China)
86 Million
(5% total da China)
1.9 Mil Million
USD (12% total da China)
Center of industry
and service
Center of global of
technology and innovation
hub of transport
GDP
POP
AREA

10
38
• Macao, Hong Kong, Shenzhen and Guangzhou have been designated by the Chinese central government as key
cities to boost the development of the Greater Bay Area.
• Although Macao is the smallest city in terms of area and population, it has the highest GDP per capita of the 11 cities in
the GBA, so it can become a financial hub to support projects involving Sino-Lusophone cooperation.
• Macao's financial industry can leverage Macao's position as the central city of the Greater Bay Area, strengthen
interaction with other cities, and take advantage of its location and status as a financial platform and independent
customs territory to attract Chinese and international companies, in particular PLP companies. Taking advantage of “one
country, two systems”, the sector's focus will be on financial products that support cross-border business growth,
including mergers and acquisitions, investment equity loans, structured project finance, syndicated loans for international
projects, etc.
THE GUANDONG-HONG KONG-MACAO GREATER BAY AREA (GBA)

10Overview of the GBA – Comparison by City
• Macao, Hong Kong, Shenzhen and Guangzhou will spearhead GBA
development with Shenzhen as the main driver of GBA growth;
• Currently, there are 43 unicorn companies in the GBA;
• Shenzhen is home to 25 of them, as well as, some of the biggest
companies in China (Ping An, Huawei, Tencent, etc) and half of patents
filed in China are from Shenzhen.
• Macao is the smallest city of GBA in terms of area and population, but
has the biggest GDP per capita, having the financial resources to
invest in other GBA cities and seize the countless business opportunities
available in several sectors.
.
39
GBA Main Characteristics & Indicators
THE GUANGDONG-HONG KONG MACAO GREATER BAY AREA (2022)
City Land Area (km2)
population
(Ten thousand)
GDP
(billion USD)
Core Cities
GBA 56,098 8,662 19,435.40
Hong Kong 1,110 733 3,624.40
Macao 33 67 227.3
Guangzhou 7,434 1,881 4,293.20
Shenzhen 1,997 1,768 4,821.50
Key Node Cities
Foshan 3,798 961 1,890.40
Dongguan 2,460 1,054 1,667.40
Huizhou 11,347 607 804.1
Zhongshan 1,784 447 540.6
Jiangmen 9,507 484 561.7
Zhuhai 1,736 247 602.2
Zhaoqing 14,891 413 402.7
0.00
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
GBA - GDP by City (billion USD)

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40
GDP
(USD bn)
Greater Bay
Area
San Francisco
New York
Metropo-litan
Area
Tokyo Bay
Area
GDP growth
(%)
GDP/capita
(USD ‘000)
GDP share of
Tertiary Ind.
Population
(mn)
Port Conta.
(mn TEUs)
Air cargo
(mn tonnes)
Air pax
(mn)
Land area
(sq Km ‘000)
1,992
1,809
1,669
1,016
1.8
-5.2
-0.2
0.3
45.0
93.9
19.4
130.9
85
77
64
73
86.7
44.4
19.3
7.8
36.9
17.3
56.1
17.9
31.0
75.4
89.7
16.7
3.4
2.2
8.7 83.2
7.8
9.0
2.5
2.2
Source : Government statistics departments in relevant jurisdictions, HKTDC
GBA has huge potential similar to other major areas.

10
134.4
-7.2
8.4
11.0
0.5
1.5
1.2
0.6
0.4
2.9
0.1
638.1
1.6
97.8
298.6
77.6
148.2
33.1
34.6
22.7
29.2
4.2
93.4
91.3
71.6
62.9
42.3
41.5
42.0
48.1
46.2
56.7
41.1
49.4
43.8
23.3
26.9
19.6
16.0
12.7
12.4
11.6
24.4
10.0
369.1
29.9
437.6
475.3
188.4
168.3
77.2
55.3
55.8
60.2
41.1
7.4
0.68
18.81
17.68
9.61
10.54
6.07
4.47
4.84
2.47
4.13
41
Source : Department of Census and Statistics of Hong Kong, Macao and Relevant Pearl River Delta Cities, HKTDC. 2021 values.
1,110
33
7,434
1,997
3,798
2,460
11,347
1,784
9,507
1,736
14,891
Hong Kong
Macao
Guangzhou
Shenzhen
Foshan
Dongguan
Huizhou
Zhongshan
Jiangmen
Zhuhai
Zhaoqing
GDP1
(USD bn2)
GDP/capita
(USD ‘0002)
GDP share of
Tertiary Indus
Population
(mn)
Land area
(SQ km)
Exports
(USD bn2)
Utilized FDI
(USD bn2)
3,4
3
1) At current market prices 2) Converted using annual average exchange rates 3) 2020 value
4) O IDE de Macau em 2020 negativo indica que as saídas de investimento excedem as entradas nesse ano

10
42
Source : IPIM
• The Greater Bay Area (GBA) is one of
the Chinese regions with the greatest
economic dynamism, a high degree of
openness to the outside world and a
greater internationalization of its
companies.
• Macao maintains a close collaboration
with the other GBA cities to promote the
construction of a corridor of scientific
and technological innovation.
• Mainland China is Macao's biggest
trading partner and Macao's integration
into the GBA will bring many
advantages and business
opportunities for local companies, as
well as for Portuguese-speaking
companies that set up shop here.

10
Macao SAR Advantages to attract investors:
• The only big city in GBA with close ties with Portuguese speaking countries therefore, inherent
advantages in the development of investment products related to PSC;
• Free-trade port;
• No foreign exchange controls;
• Market economy;
• Efficient and expeditious customs clearance rules;
• Low taxation rates
Out of 180 economies Macao ranks 35th in the 2020 Economic Freedom Index and 9th
among the 42 economies of Asia-Pacific
Macao financial industry has been growing and the value of its total assets have
increased from 140 billion MOP to 2 trillion MOP in 20 years
A springboard to connect West and East with a unique strategic location
43

10Macao Government to Develop Financial Sector to promote integration in the GBA.
Establishment of a “Central Securities Depository” (Central de Depósito de Títulos) and RMB denominated
securities market in Macao;
Promotion of mainland enterprises to issue bonds in Macao and expanding RMB financial
services and products innovation;
Construction of a RMB clearing center for Portuguese Speaking Countries
“Finance is a main development direction for the SAR government to achieve diversified economic development”
Source : April 2020, Chief Executive of Macau, “Fiscal Year 2020 Policy Address”
Development of Financial Leasing
44

10Financial Integration in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)
Financial
Integration in GBA
Internationalization of the
yuan through boosting
cross-border payments
Cashless Economy
/Payment services
China's sovereign-backed
digital currency electronic
payment project
Electronic digital wallets are expected to create an
interoperable financial services ecosystem in the GBA,
making daily life more convenient for the Greater
Bay Area residents, who will be able to use familiar
payment smartphone applications outside their territory.
Cooperation between Macau Pass and other cashless
payment services on cross-border payments in the
respective domestic currencies, allowing mainland
travelers to pay using Alipay and WeChat Pay in
Macao and vice versa.
The full integration of cashless payment services in the
Greater Bay Area represents a strong encouragement
for the ongoing pilot testing of China's sovereign-
backed digital currency electronic payment project,
which could serve as a role model for the future
adoption of the digital yuan in the rest of the country.
45

10Renminbi Liquidation Center for Portuguese Speaking Countries (PSC)
Client Opens account in
Renminbi CNY in CGD
Issuing the Remittance in CNY
Renmimbi
Issuance/Reception
Of CNY Renmimbi in
BNU Macau
Issuance/Reception *
CNY Renmimbi
for/from Chinese on-shore
Issuance/Reception of
CNY Renmimbi and
credit/debit on the account
of the importer/exporter in
a Chinese Bank
Receiving the remittance in
CNY Renmimbi
Bank in CHINA
Credit the remittance in the
Client CNY account in CGD
Portugal Macau Mainland China
RMB International Payments Circuit between CGD and BNU to China
46

10 At the end of June, the People’s Bank of China, the Macau Monetary Authority (AMCM) and the
Hong Kong Monetary Authority (HKMA) jointly announced the “Wealth Management Connect” pilot
business, which allows individual investors from Guangdong, Hong Kong and Macao to invest
in the financial products of banks in the region
• Mainland residents are eligible to purchase qualified investment products sold by banks in
Hong Kong and Macao by opening investment accounts in banks in Hong Kong and Macao.
• At the same time, residents in Hong Kong and Macao are also eligible to purchase qualified
financial products sold by mainland banks through opening investment accounts in mainland
banks in the Greater Bay Area.
Opportunity for wealthy GBA residents to diversify their
portfolio with investments in the growth potential of the
GBA, while providing more investment options for
mainland China's population
47
Financial Integration in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) –
Wealth Management

10 On October 16, 2020, Monetary Authority of Macau signed a cooperation agreement
with China Securities Regulatory Commission (CSRC) in terms of providing support
for supervision, information exchange, and training, contributing for the development of
the modern financial industry in Macao.
Feasibility study to be carried out on the establishment of a RMB denominated
securities market in Macau, promoting mainland enterprises to issue bonds in Macau.
• Green bonds as the entry point for the development of ‘green’ finance in Macao;
• HK and Macao can become important markets for finance and green bonds for PSC;
• Macao has a comparative advantage due its history, culture and language linked
to Portugal;
• On August 20, 2020, AMCM, EPA and ABM signed an agreement to jointly
promote the development of green finance in Macao;
• In October 2019, BOC in Macao carried out ‘green’ bond (Blue bonds) issues worth
RMB 7 billion in three currencies (dollar, euro and renminbi) “which included
Portuguese-speaking customers”.
Development of
Macau Financial
Sector
Green
Bonds
48
THE GUANDONG-HONG KONG-MACAU GREATER BAY AREA (GBA)
Chinese authorities have indicated they would assist the Macao SAR in developing its local
financial sector which includes promoting mainland enterprises to issue bonds in Macao.

10
Transportation sector -
Buses
Industrial sector – advanced
factory equipment
Office equipment
Types of Equipment under Financial Leasing
BNU offers the leasing of equipment.
It includes a wide range of products,
for public and private works, from large
and complex machines, such as, but
not limited to, heavy construction
vehicles, earth moving machines,
advanced factory equipment, buses
and so on.
It also has small and simpler ones,
such as, office equipment.
Construction sector -
Heavy construction
machines
Logistics & Transports –
Trucks
Logistics & Transports -
Ships
49
As per the Global Chinese Strategy of the Belt and Road Initiative (BRI) and the
Development Plan of Greater Bay Area (GBA), there is an opportunity to promote financial
leasing on several key sectors.

10
BNU
Opportunities
Big market potential, with the possibility of fast returns on companies
investments, due to the sheer size of its market and higher purchasing
power of the population.
Boost companies competitiveness with the ability to source a wide pool of
resources, including recruitment of talent.
Synergies among businesses will drive the need for specialized services and
create new business opportunities.
GBA has the potential to extend its reach beyond the Pearl River Delta
region and is a gateway to the entirety of the Chinese market.
50
Opportunities & Challenges in the GBA

10
BNU
Three different kinds of legal frameworks, taxation systems and currencies.
Limits on the mobility of goods, capital, people, technology and information.
Early stage of integration across economies with still incipient cooperation
among cities.
Tight foreign exchange rules might hinder cross-border capital flows within
the GBA.
51
Opportunities & Challenges in the GBA
Challenges

10 • Tax incentives for companies with Scientific and Technological Innovation activities;
• Subsidy program to encourage companies to develop;
• Tax Incentive Scheme for Financial Leasing Companies;
• Tax Incentives within the scope of Industrial Policies;
• Programs for Small and Medium-sized companies;
• Young Entrepreneurs aid program;
• Support and incentives for the MICE industry.
• Tax incentives for companies with Scientific and Technological Innovation activities
• Subsidy program to encourage companies to develop
• Tax Incentive Scheme for Financial Leasing Companies
• Tax Incentives within the scope of Industrial Policies
• Programs for Small and Medium-sized companies
• Young Entrepreneurs aid program
• Support and incentives for the MICE industry
Development of
Macau Financial
Sector
Green
Bonds
52
The “1+4” Diversified Development Strategy of Macao
Macau and China have defined the new sectors of diversification for both Macau and Hengqin

11
Source: Macao-Hengqin Investment Brochure
Big Health
Macao’s Signature
Industrial such as
Traditional
Chinese Medicine
Convention and
Exhibitions &
Culture and Sports
Cultural Tourism
Exhibition and
Trade
Sci-Tech Research and
Development & High-
end Manufacturing
Macao
1+4 Diversified
Development Strategy
Hengqin
4 Main Industries
High Technologies
Modern Finance
Integrated Leisure
And Tourism
Industry
Modern
Finance
Support Measures and Incentives
Macau Policies
• Tax incentives for companies with Scientific and Technological Innovation
activities;
• Subsidy program to encourage companies to develop;
• Tax Incentive Scheme for Financial Leasing Companies;
• Tax Incentives within the scope of Industrial Policies;
• Programs for Small and Medium-sized companies;
• Young Entrepreneurs aid program;
• Support and incentives for the MICE industry.
Hengqin Policies
• Global: Master Plan, Preferential taxes for companies, Support for operations and
development of leading companies, support for the development of Macau
companies;
• Talent: Preferential taxes for individuals, Income and subsistence subsidies for
talent;
• R&D, Sci-Tech and High-End Manufacturing: Measures to promote and develop the
integrated circuit industry, Measures to attract innovation and entrepreneurship
competitions and Financial support for the winning companies;
• Traditional Chinese Medicine and Other Macao Brands: Supportive Measures for
the Development of High Quality;
• Financial: Support for the development of the Financial Industry, Listing of
Companies, Promotion of financing for the development of SMEs, Issuance of Bonds,
and Foreign Partnerships.
BNU can help companies to access
programs and Incentives
The “1+4” Diversified Development Strategy of Macao
Macau and China have defined the new sectors of diversification for both Macau and Hengqin
53

This document is strictly for BNU’s usage, and deemed to be confidential and it cannot be both copied and distributed as well as disclosed to any third party without BNU’s prior consent. Should
any changes or adjustments in the terms and conditions occur, BNU is not obliged to give any prior notice or advice.
For any further information, please visit our website: www.bnu.com.mo
DISCLAIMER
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