Wealth Management Connect opens for business

Hong KongHong Kong’s wealth managers are set to benefit from the launch of the Wealth Management Connect (WMC) scheme which allows mutual access to wealth management markets in the Greater Bay area. It is anticipated that the scheme could see tens of billions of dollars from mainland China invested into Hong Kong wealth products. The programme, which was first unveiled in June 2020 and covers Hong Kong, Macao, Shenzhen, Guangzhou and seven other Guangdong Province cities, follows the launch of similar cross-border programmes for stocks and bonds. According to Edmond Law, deputy chief executive of the Hong Kong Monetary Authority (HKMA), the launch of the scheme is “a significant breakthrough on the mechanism of mutual access” between the respective economies. "Not only can it benefit Hong Kong banks, it can also drive the development of the whole financial industry chain including fund companies, securities and bond businesses," said Law at a press conference to announce the scheme’s commencement. Law said that 20 Hong Kong institutions had expressed interest in the initiative. Once they have filed with the relevant authority, they can offer products after 30 days. The quota for southbound and northbound schemes is set at CNY150 billion ($23.2 billion) and individuals can invest up to CNY1 million in eligible products. © 2021 funds global asia

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