A forum co-organised by UTM delved into the latest trends in sustainable finance and ESG practices, underscoring their significance to Macao's diversification efforts and inspiring students at the University in their academic pursuits.
UTM recently hosted a forum dedicated to sustainable finance and environmental, social, and governance (ESG) practices, bringing together experts and academics from both domestic and international backgrounds. The event explored cutting-edge trends in these fields and underscored the crucial role of sustainable finance in both the global economy and Macao's economic diversification efforts.
The “MICSRGC International Forum: Innovative & Sustainable Finance & ESG” took place on 25 October at the Grand Hall of the Mong-Ha campus of the University, organised by the Macau Institute for Corporate Social Responsibility in Greater China (MICSRGC) and co-organised by UTM as a principal supporting partner.
Speaking at the ceremony, UTM Rector Dr. Fanny Vong Chuk Kwan emphasised the intrinsic relationship between tourism and modern finance in view of Macao's "1+4" economic diversification strategy.
This strategic framework envisions the growth of the integrated tourism and leisure industry alongside the development of four emerging sectors: the “big health” industry, modern finance, high and new technology, and convention and exhibition, sports, commerce, and trade.
Dr. Vong also highlighted how tourism projects can serve as launchpads for innovative financial instruments, and as models for crafting modern financial solutions that prioritise energy efficiency and environmental stewardship.
Dr. Morris Liu, Associate Professor and Head of the Department of Accounting and Information Management at the University of Macau, moderated a panel discussion at the forum. “Macao could diversify its economy, particularly through sustainable finance and modern finance, which will yield long-term benefits for the city,” he stated.
Sustainable finance refers to a variety of financial practices, products, standards, and solutions designed to pursue environmental or social objectives. The issuance of green bonds stands as a prime example of sustainable financial products.
To propel sustainable finance in Macao, Prof. Liu suggested that the city must identify a unique niche that distinguishes it from neighbouring jurisdictions, leveraging its international status, historical ties to Portuguese-speaking nations, and strategic position within the Guangdong-Hong Kong-Macao Greater Bay Area.
Industry-academia collaboration
Pedro Theotónio, Head of Financial Control and Corporate Development at Banco Nacional Ultramarino (BNU), also joined the forum as a panellist. Acknowledging the early stage of sustainable finance development in Macao, he underscored the potential for closer collaboration between the financial sector and academia to drive progress in this domain.
"Having academics to assist with projects is important because, as a bank, we sometimes lack [industry-wide] data," Mr. Theotónio explained. He also highlighted the significance of organising gatherings such as the forum, collecting diverse viewpoints from both industry experts and scholars.
In addition to local expertise, the MICSRGC International Forum featured insights from two experts at the EEEAGER Group at Cardiff University in the United Kingdom, shedding light on current trends in sustainable finance.
The wealth of knowledge presented at the event serves as a source of inspiration for UTM students. Angie Tang, a student in Doctor of Business Administration (DBA), shared how the forum acquainted her with novel financial products.
"As my research will focus on financial issues, this forum has expanded my horizons and potential research directions,” she added.