The Cross-boundary Wealth Management Connect (WMC) Pilot Scheme has been upgraded and launched on December 4, opening new avenues for residents in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to access cross-border financial products via securities firms.
This significant enhancement lowers entry barriers for local investors across the GBA and broadens the range of eligible investment products. Residents of the Chinese mainland, Hong Kong, and Macao can now invest in each other’s financial markets more conveniently.
“These measures will better address cross-border investment needs, enhance financial market connectivity in the region, and support high-level opening up of China’s financial sector,” said Wang Kai, chief strategy analyst at Guosen Securities, in an interview with China Media Group.
Ye Jingni, investment director in charge of international wealth management at China International Capital Corporation, highlighted the increased convenience brought by the new policy. “Investors can now access different financial platforms via app links, enabling one-click account setup and a seamless customer experience without traveling cross-border,” she said.
The upgraded WMC Pilot Scheme not only expands investment options but also simplifies the investment process, making it more accessible for residents. The integration of digital platforms facilitates easier access to diversified financial products, fostering greater financial inclusion within the GBA.
By the end of October 2024, over 120,000 individual investors had participated in the cross-boundary WMC Pilot Scheme. This included more than 50,000 investors from Hong Kong and Macao, and over 70,000 from the Chinese mainland. Domestic banks facilitated cross-border fund transactions exceeding 95 billion yuan (approximately $13.06 billion) through compliant management practices.
The upgraded scheme is expected to further boost participation and investment volumes, contributing to the economic vitality of the GBA and strengthening financial ties among the regions.
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Cross-border financial products now accessible via securities firms
cgtn.com
