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Cross-boundary Wealth Management Connect
The Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is a key initiative to strengthen a more convenient flow of funds between the capital markets of Hong Kong, Macau and mainland China.
This scheme lets eligible residents in mainland GBA cities, Hong Kong and Macau invest in wealth management products in each other's market via a closed loop funds flow1. The implementation arrangements of the Cross-boundary Wealth Management Connect was officially announced on 10 September 2021.
Cross-boundary Wealth Management Connect consists of both the Southbound and Northbound scheme. The aggregate investment quota is RMB150 billion each for both the Southbound and the Northbound. Individual investors each have an investment quota of RMB1 million.
Eligible residents in mainland Greater Bay Area (GBA) cities can invest in eligible investment products distributed by banks in Hong Kong. They can do so by opening designated investment accounts with participating banks in Hong Kong.
You are eligible for the Southbound scheme if you:
- have full civil capacity2
- have a household registered in any of the 9 mainland GBA cities or you are a resident who has paid social security or personal income tax for 5 consecutive years in any of the GBA cities (Guangzhou, Shenzhen, Dongguan, Zhongshan, Zhuhai, Foshan, Jiangmen, Zhaoqing and Huizhou)
- have at least 2 years of investment experience and, at the end of each month over the past 3 months, held:
- financial net assets of no less than RMB1 million
- household financial assets of no less than RMB2 million
- invest in your own personal capacity (not in a joint-name or corporate capacity)
- are not a vulnerable customer, as assessed by banks in Hong Kong3
Eligible wealth management products
Non-complex funds carrying low to medium risk, domiciled in Hong Kong and authorised by the SFC
Non-complex bonds carrying low to medium risk
- Renminbi, Hong Kong dollar and foreign currency deposits
Eg US dollar, Australian dollar, Canadian dollar, Swiss franc, euro, Japanese yen, UK pound sterling, New Zealand dollar and Singapore dollar
Cross-boundary Wealth Management Connect is another crucial scheme in promoting cross-border investment, following the Bond Connect, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. We aim to keep supporting our customers in seizing international investment opportunities through outstanding services.
Understand Cross-boundary Wealth Management Connect in 3 min
Why does Cross-boundary Wealth Management Connect matter to you?
The Cross-boundary Wealth Management Connect in Guangdong-Hong Kong-Macao Greater Bay Area(GBA) can facilitate eligible GBA residents to conduct cross-boundary investment and create a quality living environment for residents within the GBA.
It was difficult to invest between 9 Mainland GBA cities and Hong Kong & Macau.
Bridging the gap and helping customers meet their wealth management needs in Greater Bay Area.
What is Cross-boundary Wealth Management Connect?
Cross-boundary Wealth Management Connect in the GBA enables individual residents in the GBA to carry out cross-boundary investment in wealth management products distributed by banks in the GBA.
The People’s Bank of China, the Hong Kong Monetary Authority and the Monetary Authority of Macao jointly announced the framework for the Pilot Scheme. Cross-boundary Wealth Management Connect comprises Southbound and Northbound schemes for mainland GBA residents and Hong Kong and Macau residents, respectively. Eligible customers need to open remittance and investment bank accounts within the GBA.
How do the individual and market quotas work?
Each investor can fund in to the maximum of his/her individual quotas. At the same time, other investors will be funding in at different amounts up to the aggregate market quota.
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The information under Cross-boundary Wealth Management Connect are based on “Implementation Arrangements for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area” released by the and Hong Kong Monetary Authority (HKMA) on 10 Sep 2021 and information on the HKMA website. They are not descriptions of our current services. Applicable laws and regulations in relation to the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area may change from time to time and the information above may be subject to change if the applicable regulations and laws change. For more information, please visit HKMA website.
The above contents are for information only. All services provided by The Hongkong and Shanghai Banking Corporation Limited (the “Bank”) are subject to the prevailing applicable terms and conditions. In case of any discrepancies or inconsistencies between the information from this document and the applicable terms and conditions, laws and regulations, the latter shall apply and prevail. The Bank is not responsible for any loss, damage or other consequences of any kind that you may incur or suffer as a result of, arising from or relating to your use or reliance of the information in this document. This document and any information or advertisements made available to you are not intended to provide investment advice and do not constitute a solicitation or recommendation for the making of any deposit or investment or subscribing for any service. The Bank gives no guarantee, representation or warranty as to the accuracy, timeliness or completeness of such information.
Investments involves risks.
1. Under the Cross-boundary Wealth Management Connect Scheme, cross-border remittance must be conducted between the paired dedicated investment and remittance accounts maintained in Hong Kong and mainland China.
3. Vulnerable customer refers to a customer whose ability to understand the associated risks of his/her investment and withstand the potential losses of the investment is limited. In determining whether a customer is a vulnerable customer, banks will take a holistic view of the circumstances of the customer, including the level of financial sophistication (e.g. investment experience), the state of mind (e.g. ability to make investment decision) and the level of wealth.