BOC Macau Branch completes RMB210 mln loan project with Micro Connect Group

 set23

Bank of China Macau Branch has announced a loan project with Micro Connect Group that is worth some RMB210 million (MOP235.8 million/ US$29 million).

In a recent announcement, the bank said that the offshore loan served to push for the internationalisation of the Chinese renminbi.

The project also built on a strategic partnership between the two parties reached in December last year, under which both sides’ cooperation has extended to the group’s settlement system and payroll.

It was said then that the partnership would integrate the strengths of the bank’s “traditional commercial banking offerings” and Micro Connect’s “innovative financing model” to provide a new financial ecosystem that would support the growth of small and micro-sized businesses in China.

Micro Connect is an asset exchange that allows global investors to fund businesses high-flyers in China.

According to the marketplace operator, it has collaborated with more than 170 brands and chains to invest in nearly 1,800 shops in retail, food and beverage, services, culture and sports across more than 31 mainland Chinese provinces.

The aim is to expand its footprints to cover 15,000 shops by the end of 2023.

Earlier this week, Micro Connect announced that it had made its first investment in Macau, with Hao Yue Catering Group Company the first local business to secure its financial backing.


https://www.macaubusiness.com/boc-macau-branch-rmb210-mln-completes-loan-project-with-micro-connect-group/

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