Guangdong recently released its fourth batch of typical cases advancing rule-based institutional connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), with a Hengqin case involving multi-functional Electronic Fence (EF) accounts included in the list. The case, designed to facilitate cross-border capital flows, is seen as a landmark financial institutional innovation in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin.
Under the EF account system in the Cooperation Zone, fund transfers between Hengqin and Macao are largely exempt from existing cross-border quota and approval restrictions. Enterprises may also conduct capped two-way transfers between same-name accounts in Hengqin and other parts of the Chinese mainland. The arrangement encourages more enterprises and individuals to use Macao as an investment gateway to Hengqin and the wider Chinese mainland.
In November 2025, the Hengqin branch of Luso International Banking became the first Macao-owned bank in the Chinese mainland authorized to provide EF account services, enabling Macao enterprises and residents to access banking services consistent with those available in Macao.
Since the pilot program was launched in May 2024, more than 700 domestic and overseas enterprises in the Cooperation Zone have opened EF accounts, with cumulative transaction volume exceeding 470 billion yuan. The case has further boosted financial integration between Hengqin and Macao and provides a replicable Hengqin model for advancing cross-border financial regulatory alignment across the GBA.
Reporter | Huang Xinyi
Photo | Hengqin Online
