Zhuhai banks add cross-border financial communication
The Greater Bay Area Wealth Management Connect pilot plan came into effect Oct 18 allowing Zhuhai residents to invest in Hong Kong and Macao wealth management products via 152 service outlets at 18 local banks.
On Oct 19, nine Zhuhai banks helped lenders in Hong Kong and Macao open the first 25 "Southbound Scheme" investment accounts for mainland investors and 180 "Northbound Scheme" accounts for Hong Kong and Macao investors. The total fund remittance was 6.8 million yuan ($1 million).
Guangdong-Macao In-Depth Cooperation Zone Branch of the Bank of China launches Wealth Management Connect service [Photo provided to Zhuhai Daily]
A close-loop capital transfer channel has been established between the Chinese mainland, Hong Kong, and Macao banks. Now 1,800 products are available for remote cross-border investment. They include mainland public financing products and funds as well as Hong Kong and Macao deposits, bonds, and funds.
In addition, the maximum amount for a single investor is 1 million yuan ($156,400) and for Southbound and Northbound schemes the cap is 150 billion yuan ($23 billion) each.
First announced in September, the pilot plan is expected to meet the demands of domestic, Hong Kong, and Macao individual investors for diversified asset allocation. A breakthrough in interconnecting financial markets, it is intended to promote integrated development of the Greater Bay Area.