The launch of Wealth Management Connect (WMC) is one of the first tangible steps towards realizing the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) vision. It allows eligible investors to transfer up to RMB 1m into a remittance (or settlement) account in their jurisdiction. These funds can then be invested in eligible products in an investment account opened in a cross-boundary jurisdiction. In this way, Southbound investors can invest in wealth management products (e.g. funds, bonds) in Hong Kong and Macau, while Northbound investors can invest in wealth management products elsewhere in the GBA.
Since the issuance of final regulatory guidelines on 10 September 2021, eligible banks in Hong Kong and Macau who are interested in launching WMC business can submit the application and relevant assessment reports to their regulator now, while applicants in Guangdong can perform the regulatory submission starting from 10 October 2021.
Read more to find out key highlights of the new announcements on WMC, their impact on you and how PwC can help.
Managing Partner of Regional Economic Clusters and South Markets, Shenzhen Office Lead Partner, PwC China
Tel: + (755) 8261 8882
Mainland China and Hong Kong Financial Services Deals Leader, PwC Hong Kong
Tel: + 2289 2824