The entry into force of the Closer Economic Partnership Arrangement between Mainland China and Macao (CEPA), the establishment of the Cross-border Industrial Zone between Zhuhai and Macao and the Ministerial-level Forum for Economic and Trade Co-operation between Mainland China and Portuguese-speaking Countries held in Macao are all concrete initiatives taken by the SAR Government to diversify our economy.
Further, regulatory and supervisory issues along with growing compliance requirement on anti-money laundering, know your customer (KYC) and level of home and host authority coordination are important determinants of cross border banking presence particularly when it is the case for branch banking. 9.