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Hong Kong finance firms to back GBA cross-border trade

A survey conducted by the Hong Kong Academy of Finance showed that local financial institutions are interested in increasing their cross-border investments in the Greater Bay Area (GBA) over the next two to three years, despite facing different regulations in the region. The survey, conducted by the Hong Kong Monetary Authority, polled 58 institutions from the banking, insurance, and asset management sectors between July to October 2022 on cross-boundary payment and settlement practices within the GBA and their related challenges. The survey found that over 90% of respondents agreed that cross-boundary payment and settlement channels are crucial for their activities in the GBA. The number of financial institutions participating in the Wealth Management Connect is expected to grow by 71% and in the China Interbank Bond Market Direct by 65%.


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