“New “Cross-border Wealth Management Connect” Regulations Optimized and Upgraded in Greater Bay Area”
On February 26, the newly revised “Implementation Rules for the “Cross-border Wealth Management Connect” Business Pilot in the Guangdong-Hong Kong-Macao Greater Bay Area were officially implemented, marking the launch of the “Cross-border Financial Management Connect” 2.0 version in the region. Many banks in the Greater Bay Area successfully launched the first batch of business under the new regulations, which industry insiders believe will better cater to the asset allocation and financial investment needs of residents and deepen financial interconnection in the area.
The revised rules include comprehensive upgrades and optimizations in various aspects, such as lowering entry thresholds for investors, expanding the scope of participating institutions and qualified investment products, and increasing the individual investor quotas. These changes aim to enhance the attractiveness of the cross-border investment mechanism in the Greater Bay Area and attract more participants.
The entire process of the “Cross-border Wealth Management Connect” has been streamlined and made online by participating institutions. The Bank of China Guangdong Branch, for example, successfully launched the first batch of business under the new rules, providing smarter and more convenient services to customers. Similarly, Standard Chartered Bank welcomed its first batch of early adopter customers in various branches in the Greater Bay Area, offering a wider range of financial products to meet customer demands.
According to data from the Guangdong Branch of the People’s Bank of China, the “Cross-border Financial Management Connect” has already attracted over 69,200 individual investors, with a business scale reaching RMB 12.81 billion as of December 2023.
Industry organizations and reports believe that the new regulations will further deepen the financial integration of the Greater Bay Area, injecting new impetus into the financial market and bringing new opportunities for the business development of financial institutions. HSBC’s survey on the “Cross-border Wealth Management Connect” in the Greater Bay Area also indicated that the optimization measures will attract more participants and increase investment in the area.
Overall, the implementation of the new “Cross-border Wealth Management Connect” regulations in the Greater Bay Area is seen as a positive step towards enhancing financial connectivity and meeting the evolving needs of residents in the region.