The upcoming improvements to the cross-border Wealth Management Connect scheme are expected to significantly increase sales and capital movement between Hong Kong, Macau, and nine cities in China’s Greater Bay Area. The People’s Bank of China’s Guangdong branch is proposing several relaxations, including tripling individual quotas to CNY3m (USD421,000) and lowering investment thresholds for mainland investors. Additionally, the new measures will expand product choices and allow securities firms, alongside banks, to sell products. The enhancements are designed to simplify the sales process, permitting banks and securities firms to actively introduce product information to investors. Hong Kong’s major banks, including HSBC, Standard Chartered, and Bank of China (Hong Kong), have welcomed these changes. Launched in September 2021 for the Greater Bay Area’s 11 cities, the scheme currently involves 24 banks partnering with 31 entities.
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