Hong Kong - HSBC Welcomes Enhancements to the Cross-boundary Wealth Management Connect Pilot Scheme
Daniel Chan, Head of the Greater Bay Area, HSBC: “We welcome the latest announcement on further enhancement to the cross-boundary Wealth Management Connect Scheme (WMC). Since its launch two years ago, WMC grew from strength to strength and has been recognised in the region as a convenient and reliable way for cross border asset diversification. It continues to unleash the demand for cross-boundary wealth management services. Particularly after the reopening of the border earlier this year, HSBC sees a significant growth in account opening and investment via WMC. In terms of preference of product type, Southbound investors mainly put their money into fixed deposits, whereas Northbound investors mainly choose low-to-medium risk investment products.
“We believe that by continuing to refine the eligibility criteria of investors, enhance promotion and sales arrangements, expand product type and increase the individual investor quota, the WMC will provide investors in the GBA greater convenience, choices, and flexibility to participate in cross-boundary investments, which are key to driving participation in the long run. As travel between Hong Kong and mainland China continues to increase, so does the demand for cross-border banking and financial services. Investors not only look for wealth accumulation, but also have strong awareness of health protection and well-being. The new trend will also create opportunities for the financial services industry.”