Macau’s development of the ‘smart city’ still on track

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The broad impact and long duration of the COVID-19 pandemic has dealt a severe blow to Macau’s service-export-oriented economy. Affected by travel restrictions and social distancing measures, GDP fell by more than 50 percent in 2020 and visitor arrivals decreased by 79.6 percent in the fourth quarter. Nowadays, the economy is still on a slow recovery path and development of the banking industry in Macau remains static. The pandemic had a profound impact on people’s lives and online commerce has become more popular.

To adapt to the changes and speed up the economic recovery, the Macau government laid out its vision to develop into a ‘smart city’ – an urban space that uses different types of technology and electronic data to enhance operational efficiency.

By grasping this opportunity, ICBC (Macau) developed e-payment services with the goal of promoting ‘cross-border, ‘cross-industry,’ and ‘banking without borders’ services – overcoming obstacles and creating a new business model for the industry.

+INFO: World Finance

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