Ye Guiping: Macau must seize the opportunity of financial transformation to support the growth of today's financial industry.

Tian Jing, Macau Southern Finance All Media reporter On January 4, 2022, the RMB digital application (pilot version) was launched in major retailers. On January 5, Meituan Waimai announced the RMB digital payment. On January 6, Tencent announced that it will start offering RMB digital services and users can open the RMB WeBank (WeChat Pay) digital wallet. Insiders hope that exploration of the digital renminbi will reach its full measurement level by 2022, and that the market application and commercialization of the digital renminbi will improve significantly.

The Macau SAR government is overseeing the development of the central bank's digital utility and plans to finalize digital benefits legislation by 2022. Macau Municipal University Vice Chancellor Ye Guiping said told Southern Finance and Economics that Macau could use digital banking capital as a gateway. in the Guangdong-Macao region to work closely with the new DCEP pilot. Pursue Macau's development of modern finance and digital business.

Macau has the ability to create digital products.

In an interview with CEO Ho Iat Seng of Macao Special Administrative Region, Vice President Lin Jingzhen of Financial Corporation pointed out that Macau has the best status and location for developing and improving digital results. It will play a positive role in developing Hengqin Guangdong-Macao community cooperation in the future.

Following the launch of the “Simple Pay” payment integration in the first quarter of this year, it is understood that the mobile payment service in Macau has continued to develop and that now more than 80% of Macau affiliates have been upgraded. Every region and area of ​​life in Macau plays a role in promoting travel, nurturing the public, and developing Macau's digital businesses. “Juyue” is a partnership between HKMA and banks and payment institutions that link payments by providing local QR code payment services. The launch of "Juyy" boosts the popularity of mobile payments in Macau.

According to the Macau Monetary Authority, the number of local payment devices in Macau in the third quarter of 2021 was 53.94 million, up 12.3% from the previous quarter. Total revenue amounted to Pataca 5.3 billion, up 20.1% from the previous quarter, and the average exchange rate was 98.2 Patacas. In the first quarter of 2021, Macau's mobile payments received nearly 140 million, with revenue of 12.77 billion patacas, roughly three times the same period in 2020.

Macau Economy and Finance Minister Li Wei Nong once told a policymaking conference that payments in Macau will improve rapidly and the global exchange of mobile payments will improve rapidly. 'by 2020 will be 5 times and 71 times by 2019. 2018. He described mobile payments as the "first key" to digital marketing, which not only promotes consumption by tourism customers in Macau, but also enables Macau's small and medium-sized businesses improve their operations with data. .

The rapid growth of mobile payments in Macau has created the conditions for digital finance, which is one of the key factors in Macau's current financial development. Ye Guiping believes that digital stocks have become the new normal in the global financial world, and Macau must seize the new opportunity through financial transformation and growth.

Digital advantages are another benefit in the form of energy savings. These are the digital advantages provided by the company with the development of technology and the development of the continuous adjustment of the market, that is, digital currency, also known as digital yuan (digital RMB) . It is equivalent to the actual RMB and has the characteristics of reasonable price and payment.

Ye Guiping said that the law of digital banking is stricter, and every institution or individual should reject and reject it when using and paying, and come and see multiple offline payments. “Compared to the current electronic payments used by the public, bank loans are more profitable, reliable, with a higher repayment rate and easier.

Today, the advantages of digital have been studied all over the world, the potential of future broadcasters is under discussion or experimental broadcasting has started. The digital yuan is a legal digital currency tested by a central Korean bank and has worked in many cities from last year to this year.

Ye Guiping said that Guangdong-Hong Kong-Macao is a city in the middle of the Great Bay region, located at the intersection of our national economic "two circles", and Macau can use the digital banking base to become the entry point. Use the Guangdong-Macao Deep Cooperation Zone as a new presentation of DCEP, promote the cross-border use of digital yuan, strengthen cross-border economic cooperation between Hengqin, Guangdong and Macao, and further promote the development of joint repair. . Macau modern finance and digital business. At the same time, as a cross-border financial partnership between Jin and Macau, we will strengthen financial management skills training and promote innovation and financial improvement in Macao's capital market. Meanwhile, as the main bridge between China and Portuguese-speaking countries, Macau has partnered with Portuguese-speaking financial firms to facilitate cross-border payments of digital bank funds while speeding up the process. Internationalization of the yuan.

Digital bill will help improve health of Macau gaming industry

Ye Guiping said the growth of digital finance and modern finance in Macau is slow and support for financial institutions is weak. The concept of application scenarios in a mainland city is not fully understood. Ye Guiping told reporters that historically, Macau's business ventures have been driven largely by revenue, and the promotion of digital advantages has largely come from the Internet. Additionally, Macau residents are getting older, in terms of paying digital dividends.

Ye Guiping pointed out that the most important difference between digital benefits and other forms of electronic payment is the difference between credit. After the digital advantages are the national loans and later the other electronic payments are the personal credit. "Thus, for personal life, home security is higher, and as digital advantages are no longer available on the Internet, businesses can still be completed offline and more easily. Consulting The university can understand the realities of the profession of the business, determine the financial position of the business and measure the credit rating of the business.

Ye Guiping believes that oversight of the gaming industry in Macau will become even stricter after the Macao SAR government enacts digital currency legislation. When a fraudulent transaction occurs, the merchant is an individual and the cash flow can be quickly stopped to prevent fraud. He believes Macau's industry and gaming will improve when digital money is legalized.

Macau financial institutions recently issued a public warning that "virtual money" is not a profit or a financial asset, but rather a "virtual product". Macao Monetary Authority All banks and payment institutions in Macao are prohibited from directly or indirectly participating in and providing financial services related to virtual businesses, all organizations, including withdrawals. The issuance or omission of unauthorized exchanges of funds, restricted by the "financial legal system" violates the FORECASTS OF

Ye Guiping said that the emergence of Bitcoin, as well as the development of the global digital market, has led to the announcement of various so-called cryptocurrencies in the private sector. Cryptocurrency exhibits the main characteristics of "decentralization", restricted funds, no restricted area, "complete anonymity", and no price support and high price volatility makes financial exploitation difficult in modern businesses. . Additionally, cryptocurrencies are often used for speculative purposes, with risks affecting financial security and community security, and becoming a payment tool for illegal commerce like financial markets. Therefore, Ye Guiping believes that there is a need to recognize the legitimacy of digital money in law, clarify the benefits of digital money, and create to focus on digital money.