Imminent launch of Wealth Management Connect program in GBA
The photo taken on May 4, 2020 shows Victoria Harbor in Hong Kong, China. Photo: Xinhua
The official launch of the Wealth Management Connect program in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has entered the final stages, said Julia Leung Fung-yee, executive director of the Hong Kong Securities and Futures Commission, at Hong Kong. Monday.
She said cross-border wealth management products will be sold through online platforms and mobile apps, the Securities Times reported.
Jointly announced by the People’s Bank of China (PBC), the Hong Kong Monetary Authority and the Macao Monetary Authority in June 2020, the two-way wealth management program marks a major breakthrough in offshore yuan business development in Hong Kong, and an important step fostering closer financial cooperation in the ACS.
In May, the PBC branch in Guangzhou, southern China’s Guangdong Province, released draft rules for the pilot program, setting a combined quota of 150 billion yuan ($ 23.43 billion ) for the movement of funds to the south and north.
Individuals can invest up to 1 million yuan in investment products.
With the publication of the document, local and foreign banks in the region are fully preparing for new businesses. Standard Chartered Bank told the Global Times it has put together a team to match the program, with staff in Hong Kong and mainland China keeping close communications. They cooperate to deploy certain financial products for clients as soon as possible.
The head of the Guangdong branch of the Agricultural Bank of China said the bank is actively promoting research and development (R&D) of relevant scenarios, strengthening cooperation with other banks in the GBA region, and improving internal mechanisms.
It aims to be among the first group of banks engaged in the business, according to an article posted on the website of the Guangdong Financial Supervisory Authority.
Complementary features between the cities of the GBA will promote closer cooperation and deeper integration between the mainland and Hong Kong, especially in the financial field. The Xinhua News Agency reported that 112 mainland-based companies were listed on the Hong Kong Stock Exchange last year, raising more than HK $ 390 billion ($ 50.27 billion).
More recently, Chinese bubble tea chain Nayuki, known as Naixue’s Tea in Chinese, passed the Hong Kong Stock Exchange listing hearing on Sunday, Jieian News reported on Monday.
In about 20-25 days, it will become the first new brand of tea-based drinks to be listed in Hong Kong.
Nayuki has so far opened 556 direct-selling stores in more than 70 cities on the Chinese mainland and Osaka in Japan, according to the company’s prospectus.