Recently, under the guidance and support of the Financial Development Bureau of Hengqin Guangdong-Macao In-Deep Cooperation Zone, Zhuhai Central Sub-branch of the People's Bank of China and the Monetary Authority of Macao, Macao Development Bank Co., Ltd., Huajin International Commercial Factoring (Zhuhai) Co., Ltd. and V&T Law Firm successfully implemented the first cross-border transfer of factoring assets to an Australian-funded bank in Hengqin Guangdong-Macao In-Deep Cooperation Zone with their cooperation with China Construction Bank Hengqin Branch, which kicked off the cooperation between commercial factoring companies and Australian-funded banks in Hengqin Guangdong-Macao In-Deep Cooperation Zone. This is the prelude to the cooperation between commercial factoring companies in the Hengqin Guangdong-Macao In-Deep Cooperation Zone and Australian banks in the cross-border transfer of RMB trade finance assets. Lawyer Zheng Xianming, a partner of V&T's Shanghai office, and his team provided legal services for the whole project.

The cross-border transfer of factoring assets took the factoring financing assets formed by the factoring service of Huajin in support of a national specialized and new enterprise in Zhuhai as the first single pilot, and then transferred the single assets to Macao Development Bank after being transferred through China Construction Bank Hengqin Branch.

The successful landing of this single cross-border transfer of factoring assets has realized the cross-border transfer of factoring assets in the real sense, providing an innovative model for the integration and development of the modern financial industry in the Zone and Macao. V&T will continue to follow the development of the Zone and promote the innovation of international dual factoring, help the financial innovation cooperation between Hengqin and Macao reach a new level through professional and high-quality legal services, and contribute wisdom and strength to the innovative development of modern financial industry in the Zone and the promotion of moderate economic diversification in Macao.