Macau allows small Chinese firms to raise funds from international investors

The Micro Connect (Macau) Financial Assets Exchange will allow small Chinese companies to raise funds from international investors. Macau has approved the new asset-exchange platform backed by Charles Li Xiaojio, the former CEO of bourse operator Hong Kong Exchanges and Clearing (HKEX), in the latest sign that the former Portuguese colony is diversifying its economy to cut reliance on gaming and tourism. The new blockchain platform was established through an executive order signed by Macau Chief Executive Ho Iat-seng on November 30. The exchange has a paid-up capital of at least MOP120m (USD15m) and will be regulated by the Monetary Authority of Macau. Li said they are excited about launching this new exchange and developing a more inclusive and sustainable financial market.