Chinese and foreign banks operating within the Greater Bay Area of Guangdong, Hong Kong and Macau are accelerating arrangements to capitalise upon the trial launch of the Cross-border Wealth Management Connect initiative, which seeks to better integrate the region’s asset management markets.
Multiple banks have already officially launched Wealth Connect operations, as well as registered around one hundred products with authorities, according to information provided by the Shenzhen and Guangzhou office of the People’s Bank of China (PBOC).
On 18 October the Chinese central bank unveiled a list of 21 lenders that comprise the first round of participants, including 13 Chinese banks and 8 foreign-invested banks.
On the same date Postal Savings Bank of China (PSBC) and DBS Bank (Hong Kong) became the first banks to complete registration with PBOC and the Hong Kong Monetary Authority (HKMA) for participation in Wealth Connect trials, while Citibank and Guangfa Bank announced the launch of a strategic cooperative agreement to jointly provide cross-border wealth management services.
