HSBC kicks off cross-boundary wealth management connect services in the Greater Bay Area

HSBC has announced that it is among the first batch of banks to launch services under the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macau Greater Bay Area (the Scheme).

HSBC Hong Kong, partnering with HSBC China, will launch HSBC GBA Wealth Management Connect (HSBC GBA Wealth Connect) services on 19 October, enabling residents in the GBA to make cross-boundary investments in over 100 wealth management products 24/7 digitally.

David Liao, Co-Chief Executive, The Hongkong and Shanghai Banking Corporation Limited, said, “Today’s announcement on Wealth Management Connect underlines China’s continuing commitment to opening up its financial markets. These initiatives promote financial connectivity in GBA, create deeper investment markets, and accelerate RMB internationalisation. The launch of Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect over the years have all been important milestones for China’s capital market liberalisation.”

The Bank will set up about 60 GBA Wealth Management Connect Centres (WMC Centre) in existing GBA retail outlets where dedicated staff will help customers with account opening and enquiries related to HSBC GBA Wealth Connect. Customers may also visit any of HSBC’s other retail outlets in the GBA if they have queries.

At launch, HSBC will offer over 100 eligible wealth management products to eligible investors. Mainland GBA customers will have access to multi-asset, bond, and money market funds in various currencies managed by leading global and regional fund managers, bonds issued by international companies and governments, as well as deposits in 11 currencies2. Hong Kong customers can choose among a number of multi-asset funds, bond funds and money-market funds offered by leading asset managers.

The Bank will not charge remittance fees under HSBC GBA Wealth Connect for money transfers made between accounts in mainland China and Hong Kong via mobile and online banking3.

Greg Hingston, Regional Head of Wealth and Personal Banking, Asia Pacific, HSBC, said, “We are excited to be one of the first banks to launch services under the Scheme. HSBC GBA Wealth Connect will offer a convenient and reliable way for customers to access a wider range of cross-boundary wealth solutions to diversify their portfolios. GBA is one of the wealthiest regions in the country with over 450,000 families holding at least RMB6 million in investable assets. Yet, less than 20% of GBA residents in mainland China have overseas wealth products in their portfolios. The launch of Wealth Management Connect opens a new window for investment and stimulates demand for cross-boundary wealth management solutions. As the largest international bank in mainland China and the leading wealth management provider in Hong Kong, we will continue to expand our digital and wealth capabilities to provide a full-fledged, cross-boundary private wealth experience to our GBA customers.”

Interested customers can make an appointment with the Bank to participate in HSBC GBA Wealth Connect. For Southbound services, existing HSBC China customers may complete the account opening process in around 30 minutes at any of the 26 WMC Centres in mainland China. For Northbound services, customers will need to open a dedicated remittance account in any Hong Kong branch before visiting any of the 26 WMC Centres in mainland China to open a dedicated investment account. HSBC Hong Kong customers who already have an HSBC China account opened in a GBA branch can complete the application for Northbound services at any Hong Kong branch within 30 minutes, without travelling to mainland China.

Under the Scheme, cross-boundary remittance must be conducted between the paired dedicated investment and remittance accounts maintained with HSBC Hong Kong and HSBC China as partnering banks. Once the accounts are opened and paired, customers can invest in a range of products and manage their portfolio 24/7 with a few taps on the Bank’s mobile app or online, where they can also receive timely and distinctive market insights.