China’s two special administrative regions announced their list of eligible banks to participate in the cross-border wealth management scheme.
In Hong Kong, HSBC, Standard Chartered, Citi and more were amongst those on the list of 19 approved banks, according to an announcement yesterday from the city’s central bank.
Three banks – Bank of East Asia, DBS and Dah Sing Bank – were only allowed to sell products via the southbound route.
Considering that it will be the first time for retail investors to conduct cross-boundary investments, we will closely monitor the operation of the cross-boundary Wealth Management Connect and step up investor education and investor protection work together with the industry, said Hong Kong Monetary Authority chief executive Eddie Yue Wai-man in a statement.
Concurrently, Macau’s central bank also announced its list of seven lenders approved for the cross-border scheme earlier this week.
Bank of China, Bank of Communications, China Construction Bank, China Guangfa Bank, CMB Wing Lung Bank, ICBC and Luso International Banking were approved to launch services in the Wealth Connect program as of yesterday, according to the Monetary Authority of Macau. z