The Wealth Management Connect (WMC) pilot scheme has now been put into effect starting from October 19. On October 18, the People's Bank of China Guangzhou Branch and the Central Sub-Branch of the People's Bank of China in Shenzhen announced the first 40 pilot bank branches in Chinese mainland for WMC, or the cross-boundary wealth management connect pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area.

The scheme was officially launched by Beijing in September allows Hong Kong and Macao residents to invest in onshore Chinese investment products through banks in the Greater Bay Area, while residents of nine cities in Guangdong province can invest in Hong Kong and Macao wealth products through local lenders.

Pilot bank branches in Guangzhou

Guangdong branches of 6 state-owned banks:

Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China.

Guangzhou branches of 7 joint-stock commercial banks:

China Merchants Bank, Ping An Bank, China Guangfa Bank, Shanghai Pudong Development Bank, China Minsheng Bank, Industrial Bank, China CITIC Bank.

Guangzhou branches of foreign-funded banks:

Standard Chartered Bank, The Bank of East Asia, The Hongkong and Shanghai Banking Corporation, Hang Seng Bank, Luso International Banking, Nanyang Commercial Bank, The Development Bank of Singapore.

Pilot bank branches in Shenzhen

Shenzhen branches of 6 state-owned banks:

Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China.

Shenzhen branches of 7 joint-stock commercial banks:

China Merchants Bank, Ping An Bank, China Guangfa Bank, Shanghai Pudong Development Bank, China Minsheng Bank, Industrial Bank, China CITIC Bank.

Shenzhen branches of foreign-funded banks:

The Bank of East Asia, The Hongkong and Shanghai Banking Corporation, Hang Seng Bank, Dah Sing Bank, Nanyang Commercial Bank, The Development Bank of Singapore, Standard Chartered Bank.

On October 18, the Hong Kong Monetary Authority (HKMA) announced 19 eligible banks in Hong Kong which can launch Cross-boundary WMC services (Southbound participating banks, Northbound participating banks). Also, 7 banks in Macao have completed the necessary procedures to get ready to provide wealth management services in the Chinese mainland from October19, the Monetary Authority of Macao said on Monday.

Author: Ray (intern)

Editor: Will, Jerry