159
160
Macao 93.3%
Guangdong Province
4.7%
Hong Kong
1.7% Others 0.4%
2018
Macao 93.3%
Guangdong Province
4.7%
Hong Kong
1.6% Others 0.4%
2019
Cash &
deposits 68.6%
Securities
& funds 30.9%
Others 0.5%
2018
Cash &
deposits 58.3%
Securities
& funds 41.0%
Others 0.7%
2019
Chart 11: Residency of wealth management customers*
Note: *Based on the number of wealth management customers at period-end.
Source: AMCM
Chart 12: Asset allocation of investment portfolios of wealth management*
Note: *Based on period-end market value.
Source: AMCM
161
Guangdong Province
7.8%
Mainland China (except Guangdong
Province) 42.8%
Hong Kong 35.6%
Others 13.8%
2018
Guangdong Province
9.4%
Mainland China (except Guangdong
Province) 33.0%
Hong Kong 45.5%
Others 12.1%
2019
Financial Leasing
Banks in Macao participated in financial leasing business as “fund providers”, offering funds to financial leasing companies for their business operations or specific financial leasing projects. Meanwhile, the number of financial leasing companies operating in Macao remained at two, which engaged in financial leasing business through subsidiaries established outside Macao. At end-2019, outstanding financial leasing related loans and rental receivables increased year-on-year by 24.7% to MOP22.9 billion; of which the outstanding loans took up 2.4% of the total loans of the relevant banks.
Meanwhile, within the outstanding financial leasing related loans and rental receivables, MOP3.8 billion was for funding specific financial leasing projects whereas the remaining MOP19.1 billion was granted to financial leasing companies as working capital.
Table 30: Overview of financial leasing business
(End of period figures)
Total
Year-on-year
change (%) Total
Year-on-year change (%) Outstanding financial leasing related loans and rental receivables(1)
('000 MOP)
18 371 500
21.5 22 918 339 24.7
Of which: Outstanding amount related to specific financial leasing projects 1 564 809 (23.7) 3 838 316 145.3 Proportion of outstanding financial leasing related loans in total loans(2)
of the relevant banks (%)
2.1
0.1 p.p. 2.4 0.3 p.p.
2018
r2019
Notes: r Revised figures p.p. Percentage point
(1) Include related loans of Macao banks and contracts of subsidiaries of financial leasing companies.
(2) Refer only to the total loans of banks granting financial leasing related loans.
Source: AMCM
The development of financial leasing in Macao continued to be focussed on cross-border business. As at the end of 2019, all borrowers and lessees were external enterprises, with those from Hong Kong and mainland China accounting for 45.5% and 42.4% of the total outstanding loans and rental receivables respectively.
Chart 13: Residency of borrowers/lessees related to financial leasing in Macao*
Note: *Based on the period-end value of outstanding loans and rental receivables.
Source: AMCM
162
2018 2019
0 500 1 000 1 500 2 000 2 500
0 2 4 6 8 10 12 14 16
Aircraft Machinery &
equipment
Vehicles
No. of projects (left axis)
Outstanding loans and rental receivables (right axis)
No. of projects Million MOP
0 500 1 000 1 500 2 000 2 500
0 2 4 6 8 10 12 14 16
Aircraft Machinery &
equipment
Vehicles
No. of projects (left axis)
Outstanding loans and rental receivables (right axis)
No. of projects Million MOP
At the end of 2019, the number of outstanding loans granted for specific financial leasing projects and those operated by external subsidiaries of local financial leasing companies totalled 24; all lease subjects involved were registered and used outside Macao. Classified by the nature of financial leasing subjects, the major asset category was “aircrafts”, followed by “machinery and equipment” and “vessels”.
Chart 14: Nature of financial leasing subjects*
Note: *Period-end figures.
Source: AMCM
RMB Clearing Business
In 2019, the volume of RMB clearing in Macao, calculated on a cash flow basis2, increased year-on-year by 27.5% to RMB750.8 billion; of which, RMB560.3 billion was conducted through correspondent banks while RMB19.1 billion was fund transfers between financial institutions in Macao.
Regarding the geographical distribution of the clearing business3, the volume related to mainland China decreased by 17.2% year-on-year to RMB206.0 billion, constituting 27.4% of the total. The clearing volume of countries along the “Belt and Road” rose by 137.8% year-on-year to RMB89.6 billion, representing 11.9% of the total; of which, Singapore, the Republic of Korea and Russian Federation accounted for 63.6%, 25.2% and 5.3% respectively.
2 The financial concept of cash flow is applied in the survey, where the clearing volume refers to the sum of inflows, outflows and related refunds, rather than period-end balances.
3 Geographical distribution is determined according to the residency of customers, in line with the definition of residency of the International Monetary Fund.
163
60.7%
24.6%
0%
6.7% 8.0%
63.6%
25.2%
5.3% 3.5%
2.4%
0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000
Singapore Republic of Korea
Russian Federation
Thailand Other
countries
2018 2019
Million RMB
Table 31: Overview of RMB clearing business
Total Total
('000 RMB) ('000 RMB)
RMB clearing volume 588 804 766 (21.2) 750 818 013 27.5
Of which: volume related to mainland China 248 843 836 (5.4) 206 044 210 (17.2) volume related to countries along the “Belt and Road” 37 683 184 (15.9) 89 595 426 137.8
2018
r2019
Year-on-year change (%)
Year-on-year change (%)
Note: r Revised figures Source: AMCM
Chart 15: Distribution of RMB clearing business involving countries along the “Belt and Road”
Source: AMCM
164
Individual remittances
0.3% Other
remittances 10.5%
Trade settlement
12.5%
Card clearing
0.3%
Fund transfers
46.2%
Position squaring 2.5%
Banknote services
2.5%
Provision adjustments
& others 25.2%
2018
Individual remittances
0.3% Other
remittances 10.7%
Trade settlement
8.0%
Card clearing
0.3%
Fund transfers
31.8%
Position squaring 3.4%
Banknote services
1.5%
Provision adjustments
& others 44.1%
2019
In 2019, the major type of RMB clearing business of Macao’s financial institutions was fund transfers, followed by remittances (individual and other remittances) and trade settlement. The corresponding clearing amounts were RMB238.6 billion, RMB82.4 billion and RMB59.9 billion, constituting 31.8%, 11.0% and 8.0% respectively of the total RMB clearing volume.4
Chart 16: Types of RMB clearing business of Macao’s financial institutions
Source: AMCM
4 Provision adjustments and other clearing items cover provision adjustments for RMB deposit reserve, transactions in the interbank market (including transactions between the Clearing Bank and the People's Bank of China), interests and payments between financial institutions and the Clearing Bank or correspondent banks, as well as other items that are not categorised. As the business nature of this category is relatively general, it is not applicable in the comparison analysis of the business structure.