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Lusofonia in the construction of the local financial ecosystem

The CFA Institute of Portugal and Brazil wants to support the financial development of Lusofonia, without leaving Macau out. Here, “they are looking for more members”, but for now the only representative, Diana Massada, explains that the Macao SAR can benefit from these more robust financial markets to “diversify the economy”

Guilherme Rego

The CFA Institute, an international association of finance professionals, aims to create communities in Portuguese-speaking countries. The objective is simple: to develop networking in the financial sector in Portuguese, through the sharing of knowledge and contacts between the Portuguese-speaking world.

In Macau it still has just one member, Diana Massada, but is “looking for more” who “speak Portuguese”. Who knows, perhaps extending the community to the Greater Bay Area, recognizing the potential that exists in this Chinese hub.

“We intend to organize events with relevant people in the financial area in Macau”, the local representative tells our newspaper. Diana Massada sees this project as “a tool that contributes to the diversification of Macau’s economy, promoting the development of the financial sector and its modernization, while promoting the role of a platform between China and Portuguese-speaking Countries”.

There is also a need to “deepen commercial relations” based on “greater knowledge of the local reality and even greater knowledge of the different forms of local financing that companies from China and Portuguese-speaking countries can have access to”.

Modernize the sector

The financial industry naturally has specificities depending on the regions. However, “it has a common basis applicable in any area”, highlights Masada. In this sense, she says that “the knowledge that exists in other Portuguese-speaking markets can be applied in Macau”. In the field of modern finance and new financial products, she explains that the Macao SAR can “import” models “that will be more developed in other markets, namely in Portugal and Brazil”.

“There is a wealth of financial knowledge in the Portuguese-speaking world that can be used by Macau to develop its offer of financial products and its positioning as a bridge between China and Portuguese-speaking countries”, giving examples: expansion of the contact network, knowledge of different financial systems, debate ideas still under construction or that need review and, specifically for Macau, understand what the region can do “to become more attractive”. Regarding the latter, the idea also involves “presenting suggestions to the Macau Government and local financial entities”.

Future relief

On the other hand, he highlights the training provided by the CFA, “which is equally transversal to all financial markets”. The Macau Government placed the financial industry as one of those responsible for economic diversification. Currently, the region still lives on a gaming monoeconomy. Diana Massada says that the sector will only be able to reach this level “if the level of training, knowledge and service offering increases”.

“As is known, any financial center has a high number of people holding CFA certifications (…). Our work in Macau, both in promoting certifications and holding thematic events, will contribute to building the local financial ecosystem. We are working to have conferences with local experts and those from other Portuguese-speaking regions to share knowledge, namely raising awareness of Macau’s financial system in the Portuguese-speaking world or, for example, in the development of the area of wealth management”.

Cooperation with banks

CFA Insitute intends to cooperate with local financial institutions and contribute to the growth of the activity. Much also to minimize “lack of knowledge” even internally about projects and opportunities. “There are some projects that are little known in Macau, such as MOX or MCEX, and that could play a more relevant role if there was more knowledge about how they work. Therefore, we believe that we can play a role in promoting Macau’s financial environment among Portuguese-speaking countries.” “Macau members “can take this knowledge across borders and thereby increase interest in belonging to this network of knowledge and contacts”, he highlights.

But there is also the issue of values and good practices in the financial market, which have been promoted by the CFA around the world. “Like the parent organization, the CFA Institute, we are focused on promoting values of ethics, knowledge and good practices in the financial market, being associated with a vast network, worldwide, of excellent professionals with different specialties in the area of investments. It should be noted that there is no intention to obtain specific benefits, in fact, all members of this initiative are volunteers. The aim is to use existing human resources and financial knowledge to benefit all members of this community. A financial system based on principles of ethics and professionalism is always beneficial to society in general”.

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Generalist media, focusing on the relationship between Portuguese-speaking countries and China.

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