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Greater Bay Area
BusinessBanking & Finance

Wealth management connect to bring more Hong Kong finance firms to Qianhai special economic zone, official says

  • Launch of wealth management connect scheme will see banks and finance companies from Hong Kong setting up offices in the special economic zone: Witman Hung
  • With 11,325 firms from Hong Kong in Qianhai, the next target is to attract talent from the city to work in the free-trade zone

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The Qianhai free trade zone has attracted over 11,000 companies from Hong Kong. Photo: Xinhua
Enoch Yiu

An increasing number of financial firms from Hong Kong will make a beeline for the Qianhai special economic zone as a soon-to-be launched wealth management scheme brings in new business opportunities, according to a senior executive of the free-trade zone.

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“The wealth management connect scheme will be the next engine to drive Qianhai’s growth,” Witman Hung Wai-man, principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority, said at an annual media briefing on Tuesday.

“It will attract more banks and other financial firms to expand in Qianhai to capture the new business opportunities from the new cross border scheme,” he said.

The wealth management connect scheme, expected to kick off this year, will allow Greater Bay Area residents to invest in wealth management products through banks in Hong Kong and Macau, while investors in these cities will be able to invest in wealth products offered by mainland Chinese banks.
Witman Hung Wai-man, principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority, expects the upcoming wealth management connect to boost the free trade zone. Photo: Edward Wong
Witman Hung Wai-man, principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority, expects the upcoming wealth management connect to boost the free trade zone. Photo: Edward Wong
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Hung said this would lead banks and financial companies from Hong Kong to set up offices in the special economic zone, which is next to Shenzhen and about an hour’s drive from Hong Kong, to provide after sales service to mainland clients. Already big banks like HSBC, Hang Seng Bank, Bank of East Asia and Credit Suisse have set up offices in Qianhai in recent years.

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