Core Insights - The "Yue-Ao Pension Pass" service has been successfully launched in the Hengqin Guangdong-Macao Deep Cooperation Zone, allowing direct cross-border transfer of pensions from Macau to bank accounts in Guangdong Province, addressing the needs of retirees living in Hengqin [1][2][3] Group 1: Service Overview - The "Yue-Ao Pension Pass" enables automatic cross-border pension transfers to accounts at Bank of China and Industrial and Commercial Bank of China in Guangdong, eliminating the need for retirees to travel between Macau and Guangdong [2] - The service operates on a system direct connection model, allowing for quarterly automatic deposits after a one-time account registration [2] - The first users of the service reported satisfaction with the ease of receiving pension notifications via SMS, highlighting the convenience of the new system [2] Group 2: Economic Benefits - The service reduces the economic burden on retirees by waiving cross-border remittance fees, potentially saving each individual 400 Macanese Patacas annually [2] - It offers flexible currency exchange options within an annual limit of 50,000 USD, allowing retirees to choose the timing of their currency exchanges based on current bank rates [2] Group 3: Future Developments - The Guangdong Provincial Branch of the State Administration of Foreign Exchange plans to expand the coverage of the "Yue-Ao Pension Pass" and enhance service offerings, including increasing the number of banks that can receive pensions [2]

Core Insights - The successful completion of the first cross-border fund disbursement through the "Yue-Ao Elderly Care Pass" marks a significant advancement in financial services for elderly care in the Hengqin-Macao cooperation zone [1] - The new service simplifies the process for Macao seniors to receive their pensions directly into their bank accounts in Guangdong, eliminating the complexities and delays previously associated with cross-border remittances [1] Group 1 - The "Yue-Ao Elderly Care Pass" allows pensions issued in Macao to be directly transferred to accounts in China Bank and Industrial and Commercial Bank of China in Guangdong [1] - The service operates on a system direct connection model, enabling fully automated cross-border pension transfers after a one-time account registration [1] - The implementation of this service is expected to save each Macao senior over 400 Macao dollars annually in remittance fees, significantly reducing their financial burden [1] Group 2 - The Guangdong Provincial Branch of the State Administration of Foreign Exchange plans to expand the coverage and service offerings of the "Yue-Ao Elderly Care Pass" in the next phase [2] - This initiative aims to contribute to the integration of livelihoods in the Guangdong-Hong Kong-Macao Greater Bay Area and the high-quality development of the elderly care service industry [2]