China has launched a new centralised data platform for the country’s wealth management sector which is expected to facilitate sales of wealth management products (WMP’s) by smaller-scale banks.
The Wealth Management Product Central Data Exchange Platform (理财产品中央数据交换平台) was officially launched on 18 January by China Wealth Management Registry and Custody Co., Ltd. (银行业理财登记托管中心).
The Platform will provide a “centralised, unified platform for achieving standardised, confidential and automated transfer of data between institutions in the bank wealth management market.”
The wealth management subsidiaries of Bank of Communications and Sanxiang Bank are amongst the first group of Chinese financial institutions to sign up with the Platform.
Members of the Chinese banking sector said to state-owned media that the creation of a standardised data platform will help wealth management companies to expand their product sales channels.
It will provide strong assistance to more agency sales institutions, and small and medium-sized banks in particular, to rapidly integrate with issuing institutions, further expediting the connectivity of wealth management operations and increasing market scale.