DBS Bank Hong Kong and Postal Savings Bank of China announce Partnership under Wealth Management Connect Scheme
DBS Bank Hong Kong and Postal Savings Bank of China Co. (PSBC) have announced a partnership to participate in the Wealth Management Connect scheme.
Both parties believe that the partnership will contribute to the acceleration of economic development in the Greater Bay Area (GBA), as they join hands to help customers meet their financial goals by providing them access to diversified investment products and solutions, and digital banking capabilities.
DBS Bank Hong Kong is DBS Bank’s largest franchise outside of Singapore where it is headquartered. With its vast Asian connectivity and strong wealth management capabilities, DBS Bank Hong Kong offers a comprehensive wealth management platform for customers in the GBA. DBS Bank Hong Kong is at the forefront of leveraging digital innovations to make everyday banking easy and seamless.
PSBC is one of the largest state-owned banks in China, targeting ‘Sannong customers’ (agriculture, rural areas and farmers), urban and rural residents, as well as small and medium-sized enterprises. It is a leading retail bank in China, committed to providing customers with high quality, speedy and diverse banking services.
By leveraging the unique positioning and strategic advantages of both banks, the partnership aims to bring more investment opportunities and exceptional wealth management experiences to GBA customers.
Sebastian Paredes, Chief Executive Officer of DBS Bank (Hong Kong) Limited, said, “We are excited to partner with PSBC to develop a unique wealth management proposition for GBA customers. This strategic partnership creates mutually beneficial collaboration between PSBC and DBS Bank (Hong Kong). At the same time, it allows us to grow our GBA franchise, especially through PSBC’s extensive network in Guangdong. We expect to combine DBS’ strong Asian connectivity and digital capabilities to provide customers with a more diversified and holistic range of investment choices to achieve their financial goals.”
A spokesperson of Postal Savings Bank of China, said, “The Wealth Management Connect Scheme opens up a broader asset allocation market and brings in a new wave of business growth to the region’s banking and finance industry. Our partnership with DBS Bank (Hong Kong) is in accordance with the guidance requirements of the “Implementation Rules for the Guangdong-Hong Kong-Macau Greater Bay Area ‘Cross-Border Wealth Management Connect Pilot Scheme’” issued by the People’s Bank of China Guangzhou Branch, the Central Sub-Branch in Shenzhen and other regulatory bodies. Both banks will jointly provide more unique investment products for individual investors in GBA, contributing to the development of financial markets in the region.”