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Greater Bay Area: HSBC, Standard Chartered increase Wealth Management Connect products amid drive to promote cross-border investment

  • It comes a month after the PBOC and HKMA announced six measures to strengthen financial cooperation between the mainland and Hong Kong
  • Beijing is striving to boost the bay area’s financial markets and promote capital flow across borders

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Banks in Hong Kong including HSBC and Standard Chartered Bank are rolling out more products tied to the Wealth Management Connect scheme. Photo: Shutterstock
Yuke Xiein Beijing
Banks in Hong Kong including HSBC and Standard Chartered Bank are rolling out more products tied to the Wealth Management Connect scheme amid a drive by Beijing to boost the Greater Bay Area’s financial markets and promote capital flow across borders.
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Their moves come a month after the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) announced six measures to strengthen financial cooperation between the mainland and Hong Kong.

One of those was to enhance the cross-boundary Wealth Management Connect scheme in the bay area development zone.

Launched in 2021, the mechanism allows residents of Hong Kong, Macau and nine cities in Guangdong province to invest directly in designated wealth management products across borders.

New rules took effect on February 26 raising the individual investment quota from 1 million yuan (US$138,923) to 3 million yuan and adding yuan-denominated deposit products of mainland banks – moves viewed by lenders as creating more business opportunities.

How HSBC is unlocking cross-border opportunities in the Greater Bay Area

HSBC announced on Monday that it has increased the number of products it offers for both northbound and southbound investments via the scheme to over 400 from 270.

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