HSBC responds to the Cross-boundary Wealth Management Connect Pilot Scheme in the GBA
In response to the launch of WMC, David Liao, Co-Chief Executive of The Hongkong and Shanghai Banking Corporation Limited, said:
“HSBC welcomes the announcement of the implementation arrangements of the Cross-boundary Wealth Management Connect Pilot Scheme. The range of eligible products and distribution channels stipulated in the rules reflect a pragmatic approach, taking into consideration the market environment and investors’ needs. Products allowed under both ‘northbound’ and ‘southbound’ scheme will be of low-to-medium risk to ensure a smooth start.
WMC is ground-breaking and will further bolster the financial services industry in the GBA. HSBC aims to be among the first batch of banks to launch WMC investment service, with manpower, infrastructure, processes, products and services all lined up and ready.
We have over 5,000 retail banking staff in the GBA to support WMC investment service. In the initial phrase, HSBC plans to provide over 100 selected wealth management products at low to medium risk, covering all asset classes allowed by the rules.
Meanwhile, we expect the demand will continue to grow with increasing economic integration among GBA cities, and WMC will provide Hong Kong investors direct access to a larger variety of RMB products in the longer run.
A recent HSBC survey found that mainland investors in the GBA show strong interest to invest via WMC. As the largest international bank in the GBA with a leading position in Hong Kong, we will leverage our global asset management and capital markets expertise as well as digital capability to help customers benefit from a diversified portfolio approach.”