Participating investors in the Cross-boundary Wealth Management Connect (WMC) 2.0 scheme have surged over 1.2 times since its launch last year, exceeding 162,000 by the end of June, according to a blog post by Hong Kong Monetary Authority chief executive Eddie Yue Wai-man.
Yue also projected that Hong Kong is poised to become the world's largest global wealth management center in the coming years, citing the recent expansion plans of global financial institutes in the city.
Yue highlighted the scheme's robust performance in his InSight blog. Southbound investments under WMC 2.0, which was released in January 2024, saw particularly strong growth, with the value of holdings at Hong Kong participating institutions doubling to over 16 billion yuan (HK$17.47 billion).
Asset allocation shifted significantly: the proportion held in funds jumped from 1.4 percent in March 2024 to 36 percent in June 2025, bond holdings rose from 0.2 percent to 5 percent, while deposits decreased from 98 percent to 59 percent.
The HKMA confirmed there is no timeline yet for "WMC 3.0," focusing instead on expanding the market under the current WMC 2.0 framework across regions and products.
Banks have actively implemented simplified processes, including "tripartite online meetings" allowing mainland banks to assist clients remotely with Hong Kong product inquiries. Six lenders have implemented “one-time consent" arrangements for client information sharing.
Yue further emphasized Hong Kong's rapid growth in digital assets as a new driver for wealth management, with related transactions surging 230 percent year-on-year to HK$26.1 billion in the first half of the year.
He cited strong international institutional expansion plans and increased global investor interest in diversifying into Chinese assets as key factors underpinning Hong Kong's trajectory to become the premier global wealth hub.
STAFF REPORTER
