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Hong Kong Enhances Cross-boundary Wealth Management Connect Pilot Scheme in the Greater Bay Area with WMC 2.0, Individual Investors Quota Increasing to CNY 3 Million Equivalent to $417,000 

8th March 2024 | Hong Kong

Hong Kong has announced the enhancement of the Cross-boundary Wealth Management Connect in the Greater Bay Area (GBA) with WMC 2.0.  Changes include individual investors quota increasing to CNY 3 million equivalent to $417,000.  Updated (26/2/24): “The Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (“Cross-boundary WMC”) is one of the key initiatives under the mutual market access schemes between the capital markets of Hong Kong, Macao and the Mainland. The scheme was launched in September 2021, allowing eligible Mainland, Hong Kong and Macao residents in the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”) to invest in wealth management products distributed by banks in each other’s market through a closed-loop funds flow channel established between their respective banking systems. A major breakthrough of the Cross-boundary WMC is the considerable degree of flexibility given to individual retail investors to open and operate cross-boundary investment accounts directly, through a formal and convenient channel, and to choose their preferred products. In January 2024, enhancement measures for the Cross-boundary WMC were announced to refine the eligibility criteria of Mainland investors, expand the scope of participating institutions to include eligible securities firms, expand the scope of eligible products, increase the individual investor quota and further enhance the promotion and sales arrangements.  The Cross-boundary WMC consists of the Southbound Scheme and the Northbound Scheme. The Southbound Scheme refers to eligible residents in the Mainland GBA cities investing in wealth management products distributed by eligible financial institutions (banks and/or securities firms) in Hong Kong and Macao via designated channels. The Northbound Scheme refers to eligible residents in Hong Kong and Macao investing in wealth management products distributed by  eligible Mainland financial institutions (banks and/or securities firms) via designated channels. Cross-boundary renminbi fund flows are subject to closed-loop and quota management.  The Cross-boundary WMC creates new business opportunities for the financial industries in the three places, and facilitates cross-boundary investment with more options of wealth management products provided to the GBA residents, thereby further promoting the cross-boundary circulation and use of renminbi.  In 2023 September, Hong Kong announced the enhancement of the Cross-boundary Wealth Management Connect Pilot Scheme in the Greater Bay Area (Guangdong-Hong Kong-Macao), 1) Refining GBA residents eligibility criteria, 2) Allows eligible securities firms to distribute investment products & services to Southbound & Northbound Investors, 3) Expands Southbound & Northbound products, 4) Increase individual investor quota, 5) Enhances promotion & sales arrangement.  View more info here

“ Hong Kong Enhances Cross-boundary Wealth Management Connect Pilot Scheme in the Greater Bay Area with WMC 2.0, Individual Investors Quota Increasing to CNY 3 Million Equivalent to $417,000 “

 



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Hong Kong Enhances Cross-boundary Wealth Management Connect Pilot Scheme in the Greater Bay Area – Refines GBA Residents Eligibility Criteria, Allows Eligible Securities Firms to Distribute Investment Products & Services to Southbound & Northbound Investors, Expands Southbound & Northbound Products, Increase Individual Investor Quota, Enhances Promotion & Sales Arrangement

Hong Kong | Leading Financial Centre in Asia

29th September 2023 – Hong Kong has announced the enhancement of the Cross-boundary Wealth Management Connect Pilot Scheme in the Greater Bay Area (Guangdong-Hong Kong-Macao), 1) Refining GBA residents eligibility criteria, 2) Allows eligible securities firms to distribute investment products & services to Southbound & Northbound Investors, 3) Expands Southbound & Northbound products, 4) Increase individual investor quota, 5) Enhances promotion & sales arrangement.  Hong Kong Monetary Authority (HKMA): “To implement the national strategy of developing the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), deepen the financial cooperation between the Mainland, Hong Kong and Macao, and facilitate their synergistic economic development, the People’s Bank of China, the National Administration of Financial Regulation, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the Hong Kong Monetary Authority, the Securities and Futures Commission of Hong Kong and the Monetary Authority of Macao have decided to further enhance the Cross-boundary Wealth Management Connect Pilot Scheme (the Scheme) in the GBA.  The financial regulators in the Mainland, Hong Kong and Macao will revise and refine the relevant implementation details and operational guidance with a view to implementing the above measures as soon as practicable. Meanwhile, the Scheme will be enhanced continuously based on its operations, and the financial market connectivity in the GBA will be advanced in a prudent and orderly manner to support the development of the GBA.”  More info below:

 

 

Hong Kong Enhances Cross-boundary Wealth Management Connect Pilot Scheme in the Greater Bay Area

Hong Kong | Leading Financial Centre in Asia
  1. Refine the eligibility criteria of investors so as to support more GBA residents to participate in the Scheme;
  2. Expand the scope of participating institutions to include eligible securities firms, allowing them to distribute investment products and provide relevant services to Southbound and Northbound individual investors;
  3. Expand the scope of Southbound and Northbound eligible products to better meet the demand of GBA residents for diversified investments;
  4. Increase the individual investor quota as appropriate; and
  5. Further enhance promotion and sales arrangements so as to steer financial institutions to offer quality financial services to GBA residents.



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