19 banks get go ahead for Wealth Connect

Finance | Karen Ng 19 Oct 2021

Karen Ng

The Hong Kong Monetary Authority announced yesterday that 19 eligible banks in Hong Kong have received the green light for the Cross-boundary Wealth Management Connect.

Southbound and Northbound participating banks include the Hong Kong arms of state-owned Big Four banks - Industrial And Commercial Bank Of China (1398), Agricultural Bank of China (1288), Bank of China (Hong Kong) (2388), China Construction Bank (0939), as well as those of international banks like The Hongkong and Shanghai Banking Corporation, Standard Chartered Bank (2888), and Citibank.

Others are Hang Seng Bank (0011), Bank of Communications (Hong Kong), China Citic Bank International, China Minsheng Banking (1988), CMB Wing Lung Bank, Nanyang Commercial Bank, Industrial Bank, OCBC Wing Hang Bank, and Shanghai Pudong Development Bank.

The Bank of East Asia (0023), Dah Sing Bank, and DBS Bank will only launch Southbound services.

These banks can start related businesses today at the earliest if they have been approved by mainland regulatory authorities, HKMA said, adding that it will continue to process the remaining self-assessments and update the list of eligible Hong Kong banks from time to time.

"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 WMC and step up investor education and investor protection work together with the industry," said chief executive Eddie Yue Wai-man.

Meanwhile, Yue emphasized that the suspension of the Faster Payment System last Sunday had nothing to do with cyberattacks but unforeseen technical problems during system maintenance.

The Securities and Futures Commission and the Financial Services and the Treasury Bureau will submit a bill next year, and all virtual asset trading platforms must obtain licenses in the future, he added.

Seven banks in Macau also received the green light to start providing services for the Wealth Management Connect.

In Shenzhen, the local branches of the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission, as well as the central sub-branch of the People's Bank of China, announced a pilot scheme involving 20 banks to offer Southbound and Northbound scheme services.

The participating banks include the Shenzhen branches of Industrial And Commercial Bank, Agricultural Bank, Bank of China (3988), Construction Bank and Bank of Communications.

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