On 26 February, the upgraded and optimized "Cross-boundary Wealth Management Connect 20" was officially implemented. The reporter learned that on the first day of business, a number of banks upgraded their services and launched a variety of new products to expand the scope and quantity of products. Investors actively participated and took the initiative to consult, and the market responded enthusiastically.
Cross-boundary Wealth Management Connect 2The implementation of "0" is conducive to the expansion of the scale of cross-border wealth management connect business and the development of the cross-border wealth management market in the Guangdong-Hong Kong-Macao Greater Bay Area. A number of banks said that they will actively seize opportunities, continuously enrich product shelves, do a good job in service upgrades, improve operation and management capabilities, and better return investors.
More products + various offers.
The "Cross-boundary Wealth Management Connect" business refers to the cross-border investment of qualified investment products sold by the financial institutions of the other party by investors from the Mainland, Hong Kong and Macao in the Guangdong-Hong Kong-Macao Greater Bay Area through a closed-loop capital channel established by the financial institutions in the region. According to the direction of funds, the Cross-boundary Wealth Management Connect is divided into "Northbound Scheme" and "Southbound Scheme". The "Cross-boundary Wealth Management Connect 20" has optimized the access conditions for investors, appropriately increased the quota of individual investors, and broadened the scope of business pilots.
The reporter learned from HSBC (China) that in order to meet the new market requirements, HSBC has upgraded the "Cross-border Wealth Management Connect" service, increasing the personal investment quota to a maximum of RMB 3 million from February 26, allowing mainland residents in the Greater Bay Area who meet the new regulations of "average annual income of not less than 400,000 yuan in the past three years" to participate in the "Southbound Scheme" investment, and greatly expand the scope and number of products. At present, HSBC offers about 250 low- to medium-high risk products for Northbound and Southbound investors, including more than 100 Southbound products for overseas markets**
Standard Chartered Bank has launched a number of new products under the Southbound and Northbound Schemes, with new services and a number of first-day customers in its branches in Guangzhou, Shenzhen, Hong Kong, Foshan and Zhuhai in the Guangdong-Hong Kong-Macao Greater Bay Area.
According to the relevant person in charge of Standard Chartered Bank, among the many new products on the shelves this time, the number of wealth management products under the "Southbound Connect" has increased to nearly 550, including the main investment in **market** and low-to-medium-risk bonds. Under the Northbound Scheme, RMB deposit products and more than 40 publicly offered investments** with a risk rating of "R4" will be added, covering new economy sectors such as new consumption, new energy, new infrastructure, new manufacturing, and new technology.
According to Kwan Ka Man, Executive Director and Head of Retail Banking and Wealth Management Business Planning, Customer Strategy and Industry Ecosystem of DBS Bank (Hong Kong)**, DBS Bank will provide more than 220 wealth management products for Southbound investors, including **, bonds, RMB, Hong Kong dollar and foreign currency deposits.
According to the staff of Standard Chartered Hong Kong Branch, some investors said that "Cross-boundary Wealth Management Connect 20" has greatly increased their interest in buying related products.
In addition to the new products, Standard Chartered said it will launch a new product in the "Cross-boundary Wealth Management Connect 20" "Early Taste Period" provides customers with preferential activities covering a variety of products (such as **, RMB, USD deposits, etc.). DBS also plans to offer competitive product offers, including subscription fee waiver, preferential time deposit interest rates in different currencies and account service fee waiver.
Stimulate investors' willingness to participate.
For the official implementation of the "Cross-boundary Wealth Management Connect 2According to HSBC's Cross-boundary Wealth Management Connect survey released on 26 February, about two-thirds of respondents said that the new rules will attract them to participate in or increase their investment in the Cross-boundary Wealth Management Connect, such as relaxing the entry threshold, increasing the investment quota and expanding the choice of products. In addition, with the increase in the individual investment quota, about a quarter of the respondents who have participated in or are interested in investing indicated that they intend to invest $1 million or more through the WMC in the next 12 months.
In the face of potential demand groups, how to seize the opportunity to create a unique "Cross-boundary Wealth Management Connect" service and improve the conversion rate of new customers is an important task for pilot banks and other institutions.
The person in charge of the relevant department of China Construction Bank told the reporter that China Construction Bank mainly does four aspects of work: First, do a good job in data insight of potential customers. Strengthen data insights to address the Cross-boundary Wealth Management Connect 20" to meet the new conditions for mainland investors in the "Southbound Scheme" business, the new regulations focus on the wealth preservation and appreciation needs of cross-border wealth management connect customers, subdivide different customer groups, and establish a big data screening model to identify potential customers who meet the requirements. The second is to formulate a comprehensive service plan for customer groups. Explore customer needs from a full perspective, strengthen the linkage between domestic and foreign institutions, increase product innovation in line with the requirements of regulatory policies, focus on cross-border investment and wealth management, wealth appreciation, etc., and launch exclusive deposits, exclusive wealth management, exclusive ** and other products. The third is to do a good job in domestic and foreign integrated services. Give full play to the advantages of the group, coordinate domestic and foreign institutions, promote the application of global account functions, optimize the service access scheme, update the identity authentication carrier and form involved in the business, business rates, customer rights and interests, etc., promote information sharing, rights and interests exchange, etc., and realize the multi-channel and multi-institution unification of customer facilitation services. Fourth, strengthen the publicity of the Cross-boundary Wealth Management Connect.
Cross-boundary Wealth Management Connect 2The entry into force of '0' has brought new impetus to the growth of cross-border investment and the integration of financial markets in the Greater Bay Area. Chen Qingyao, Vice President and General Manager of HSBC China's Greater Bay Area Office, said that the survey showed that in addition to factors such as market opportunities and diversified investment needs, in-depth understanding of products and professional wealth planning and advisory services are also important considerations for respondents to participate in or increase investment. To this end, we will continue to enrich our products, expand the size of our service team and introduce professional intelligent wealth management tools to help investors in the region grasp the opportunities brought by the new regulations.
DBS Bank said it will continue to optimize the sales and account opening process, strengthen the training of front-line relationship managers, and provide investors with the best cross-border wealth management services.
Wang Wei, a researcher at the Greater Bay Area Financial Research Institute of Bank of China Shenzhen Branch, said that due to the different legal systems and different business environments, it is necessary for all parties involved in the pilot project to further strengthen the protection of consumer rights and interests, do a good job in publicity and explanation, and dispel investors' investment concerns. In terms of cross-border transmission and use of information, attention should be paid to complying with relevant laws and regulations, and effectively protecting the security of customer information, privacy, and property.
Reporter Yang Jie.