HSBC ready to link mainland and Hong Kong customers to new banking opportunities in Greater Bay Area
- The bank is positioned to fulfil strong interest among GBA investors for cross-border investments under the new Wealth Management Connect scheme
- HSBC is leaning into its 156-year legacy and insights to serve customers’ various financial services needs in the increasingly integrated GBA
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Global banks looking to capture opportunities within the fast-growing markets of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) got a huge boost with the launch of the framework for Wealth Management Connect, a pilot scheme for cross-border investments. The programme is expected to be fully rolled out as soon as regulators give the go-ahead.
The scheme represents a major breakthrough toward frictionless, cross-border banking throughout the GBA by allowing mainland-based residents to invest in eligible investment products distributed by banks in Hong Kong and Macau. According to a 2021 survey by HSBC and the Nielsen Company (Hong Kong), 82 per cent of mainland investors in the GBA said they plan to invest in Hong Kong via the new scheme.
“This represents really strong opportunities for banks in Hong Kong,” says Maggie Ng, head of wealth and personal banking at HSBC Hong Kong. “We see tremendous opportunities for us to capture, and we hope to help this group of clients to achieve balanced portfolios and reach their investment objectives.”
A market worth trillions of yuan