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Hong Kong Central Bank Announces 19 Eligible Banks for $1.64 Trillion Greater Bay Area Wealth Connect Pilot Scheme

21st October 2021 | Hong Kong

Hong Kong Central Bank Hong Kong Monetary Authority (HKMA) has announced 19 eligible banks in Hong Kong which can launch the Cross-boundary Wealth Management Connect (WMC) Southbound services, including the largest banks in China, Citibank, HSBC and DBS.  The Greater Bay Area (GBA), comprising of Guangdong, Hong Kong and Macao with total GDP of $1.64 trillion and population of 71.2 million people, is a massive market for financial and investment services, with the combined GDP of $1.64 trillion placing it as the 4th largest economy in Asia alongside Korea (1. China $14.3 trillion, 2. Japan $5 trillion, 3. India $2.86 trillion, 4. Korea $1.64 trillion).  The Wealth Management Connect was proposed to allow investors between Mainland China and Hong Kong to open banking & investment accounts, invest in stocks & bonds, purchase financial products and remit renminbi (RMB / CNY) & foreign currencies.  In May 2021, Central Bank of China and China regulators have set a net cashflow movement between Mainland China and Hong Kong to not exceed $23.2 billion (CNY 150 billion) while the individual investor investment quota is set at $155,000 (CNY 1 million).

” 19 Eligible Banks for $1.64 Trillion Greater Bay Area Wealth Connect Pilot Scheme “

 

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Eddie Yue, Chief Executive of the HKMA:

“It gives me great pleasure to see that a number of Hong Kong banks have completed the necessary preparatory work and are ready to start providing Cross-boundary WMC services. Considering that it will be the first time for retail investors to conduct cross-boundary investments, we will closely monitor the operation of the Cross-boundary WMC and step up investor education and investor protection work together with the industry.

We will collaborate with the industry to explore enhancement measures to the scheme as and when appropriate, with a view to providing more growth opportunities for Hong Kong’s banking and wealth management industry.”

 

19 Eligible Banks – Southbound

Shenzhen, China

As at 18 October 2021, there are a total of 19 Hong Kong banks which can launch the Southbound Scheme services. The list of eligible Hong Kong banks and their Mainland partner banks which can launch the Southbound Scheme services is as follows:

List of 19 Hong Kong banks which can launch the Southbound Scheme services:

Hong Kong Bank China Mainland Partner Bank
AGRICULTURAL BANK OF CHINA  AGRICULTURAL BANK OF CHINA
BANK OF CHINA BANK OF CHINA
BANK OF COMMUNICATIONS BANK OF COMMUNICATIONS
BANK OF EAST ASIA THE BANK OF EAST ASIA
CHINA CITIC BANK CHINA CITIC BANK
CHINA CONSTRUCTION BANK CHINA CONSTRUCTION BANK
CHINA MINSHENG BANKING CORP CHINA MINSHENG BANKING CORP
CITIBANK CHINA GUANGFA BANK
CMB WING LUNG BANK CHINA MERCHANTS BANK
DAH SING BANK DAH SING BANK
DBS BANK DBS BANK (CHINA) LIMITED

POSTAL SAVINGS BANK OF CHINA

HANG SENG BANK HANG SENG BANK (CHINA)
HONGKONG AND SHANGHAI BANKING CORPORATION HSBC BANK (CHINA)
INDUSTRIAL AND COMMERCIAL BANK OF CHINA INDUSTRIAL AND COMMERCIAL BANK OF CHINA
INDUSTRIAL BANK CO INDUSTRIAL BANK CO
NANYANG COMMERCIAL BANK NANYANG COMMERCIAL BANK
OCBC WING HANG BANK PING AN BANK CO
SHANGHAI PUDONG DEVELOPMENT BANK SHANGHAI PUDONG DEVELOPMENT BANK
STANDARD CHARTERED BANK STANDARD CHARTERED BANK

 

16 Eligible Banks – Northbound

As at 18 October 2021, there are a total of 16 Hong Kong banks which can launch the Northbound Scheme services. The list of eligible Hong Kong banks and their Mainland partner banks which can launch the Northbound Scheme services.  Visit: Northbound Services

 

HKMA  Implementation Arrangements:

As set out in the “Implementation Arrangements for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area” (Implementation Arrangements) promulgated by the HKMA on 10 September 2021, banks in Hong Kong which intend to embark on Cross-boundary WMC activities should put in place systems, internal control measures and complete relevant systems testing, and submit a self-assessment to the HKMA prior to the launch of such activities in accordance with the requirements in the Implementation Arrangements.

The HKMA will continue to process the remaining self-assessments and update from time to time the list of eligible Hong Kong banks on the HKMA’s dedicated Cross-Boundary WMC webpage.

 

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