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As well as charging users, these operators are also attempting to raise their income by hosting advertising.

As the two payment giants raise the stake in their battle for bigger overseas market shares, Hong Kong has naturally become the "first stop" to localize their payment apps, which secure a combined 94 percent overseas mobile payment market share of the world's second-largest economy.

As the debt-to-equity program is considered a significant and efficient method to tackle debt woes, China Shipbuilding Industry Corp, one of Chinese Navy's biggest contractors, converted debt into equity by offering eight investors stakes in two of its unlisted subsidiaries for an estimated 22 billion yuan (.27 billion) in August.

As such, its creation was itself a recognition of the need for multilateral dialogue, and that both developed and emerging economies can contribute wisdom and advice on addressing international issues such as growth, sustainability, financial governance and globalization.

As the initiative looks to promote coordinated economic development in the Greater Bay Area by capitalizing on the complementary advantages of the three places, Macao will sharpen its edge as a world-class tourism and recreational center, as well as facilitator of economic and trade exchanges between China and Portuguese-speaking countries, said Chui Sai-on, chief executive of the Macao SAR.