The Hengqin Branch of China Construction Bank (CCB) took an innovative step to facilitate integrated cross-border RMB flow between Hengqin and Macao on April 27.

A Zhuhai citizen surnamed Li is among the first beneficiaries of the pioneering cross-border RMB online payment business. His remittance of 50,000 yuan ($7,585) to the Macau University of Science & Technology (MUST) as tuition for his son was handled in only three minutes. Previously, he had to convert RMB into Macao pataca before remitting the money.

Jointly initiated by the CCB Hengqin Branch and Macao Development Bank, the innovative financial mode was tailored for MUST to collect cross-border RMB tuition from enrolled overseas students.

Fifty-five students studying overseas have utilized the new mode since the trail operation, with cross-border RMB transactions amounting to 1.9 million yuan ($288,230). The online system also matches each remittance with a student’s personal information to enable easy cross-border reconciliation for the universities.

The CCB Hengqin Branch has integrated internal and external resources to strengthen research into new technologies, industries, formats, and models for Hengqin-Macao cooperation. It will continue to provide additional innovative financial services to enhance development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin.

Hengqin Financial Island [File photo by Yuan Tianxiao]