MACAO -- Seven banks in China's Macao Special Administrative Region (SAR) have completed the necessary procedure to get ready to provide wealth management services in the Chinese mainland from Tuesday, the Monetary Authority of Macao said on Monday.

The banks include the Macao branches of China's major banks such as the Bank of China, the Bank of Communications, and the China Construction Bank, which will participate in the Wealth Management Connect (WMC) pilot scheme for the Guangdong-Hong Kong-Macao Greater Bay Area.

Under the scheme, Macao residents can open accounts in these banks as well as in the banks' mainland partner bank offices and buy yuan-denominated wealth management products, the Monetary Authority of Macao said

Residents in the mainland can also open accounts in Macao banks via the latter's partner banks in the mainland and buy the wealth management products in Macao.

The Monetary Authority of Macao said the WMC is a major move and innovative arrangement for promoting mutual access between the financial markets in the Greater Bay Area.

The Macao monetary regulator pledged to maintain close communication with supervisory bodies in the mainland and the Hong Kong SAR to ensure the pilot scheme operates smoothly.