Reporter Zhang Yingguo.
Today (26 February), the newly revised Implementation Rules for the Cross-boundary Wealth Management Connect Pilot Program in the Guangdong-Hong Kong-Macao Greater Bay Area (hereinafter referred to as the "Implementation Rules") came into effect. Based on the experience of business development in the past two years, the new version of the Cross-boundary Wealth Management Connect has absorbed the opinions and demands of investors and participants in the Guangdong, Hong Kong and Macao markets, optimized the relevant institutional arrangements, and further released policy dividends.
The new version of the Cross-boundary Wealth Management Connect focuses on improving convenience, broadening the market and standardizing services, and mainly optimizes the following four aspects: First, optimize the access conditions for investors. The threshold for Mainland individual investors to participate in the Southbound Scheme has been lowered from "five consecutive years" to "two years" after paying social security or individual income tax. At the same time, "my average annual income in the past three years shall not be less than 400,000 yuan" will be added as an optional condition for the access of household financial assets, and more residents in the Greater Bay Area will be supported to participate in the pilot. The second is to appropriately increase the quota of individual investors. Increase the quota for individual investors from RMB1 million to RMB3 million. If an individual participates in the pilot through a bank and a ** company at the same time, the two channels each have a quota of 1.5 million yuan. The third is to broaden the scope of business pilots. Increase the participation of ** companies in the pilot program, and at the same time include the RMB deposit products of mainland selling banks in the scope of eligible products under the "Northbound Scheme", and expand the scope of public investment** from "R1 to R3" to "R1 to R4" risk level (excluding commodities***) to better meet the diversified investment needs of residents in the Greater Bay Area. Fourth, further optimize the publicity and sales arrangements. We will refine and clarify the code of conduct for domestic sales agencies and domestic cooperative institutions, and guide financial institutions to provide high-quality financial services to residents in the Greater Bay Area.
Lin Yuandong, Chief Executive Officer of Standard Chartered Bank Greater Bay Area, said that the Cross-boundary Wealth Management Connect is a major milestone in the two-way opening up of China's financial market. After the announcement of the new policy, Standard Chartered Bank immediately responded positively and promoted product and service upgrades, including increasing the number of eligible "Southbound Scheme"** products to more than 140 to cover medium- and high-risk and major investment markets**, and adding RMB deposit products and more than 40 publicly offered investment** products with a risk rating of "R4" under the "Northbound Scheme", covering new economy industries such as new consumption, new energy, new infrastructure, new manufacturing, and new technology. Give your customers more choice.
Before the business was launched, many investors had paid close attention to and consulted. The relevant person in charge of the Guangdong branch of the Bank of China said that in order to actively respond to the "cross-border wealth management link 20" has been upgraded to provide products, channels and other related services in more than 700 outlets of 23 secondary institutions in 8 cities in the Greater Bay Area to meet the business needs of residents in the three places of the Guangdong-Hong Kong-Macao Greater Bay Area from south to north, online and offline "Cross-border Wealth Management Connect".
Many of my friends have begun to increase their RMB asset allocation, and I heard that Wealth Management Connect can also invest in RMB deposit products in the Mainland, so I tried it quickly. "Mr. Chan of Macau in the "Cross-boundary Wealth Management Connect 2After the implementation of the "0" policy, the first batch of RMB deposits under the "Northbound Scheme" were purchased through the mobile banking of the Bank of China in China** as soon as possible.
Ms. Hu also completed a $3 million Southbound Scheme transaction on the first day of business and purchased an investment product from Bank of China (Hong Kong). "I've already invested 1 million before, but the amount is still small, and Iga has increased it to 3 million, which is really wrong. Miss Hu said.
As of the end of January 2024, individual investors in the Guangdong-Hong Kong-Macao Greater Bay Area participating in the Cross-boundary Wealth Management Connect business710,000 people, including 460,000 people, 2 mainland individual investors50,000 people; The amount of cross-border wealth management remittance was 13.8 billion yuan, of which 130 were under the "Southbound Scheme".1.3 billion yuan, "northbound link" 78.7 billion yuan. After the implementation of the new version of the Cross-boundary Wealth Management Connect policy, it will better meet the asset allocation and wealth management investment needs of residents in the Greater Bay Area, promote the interconnection of financial markets in the Guangdong-Hong Kong-Macao Greater Bay Area, and effectively promote the integration of people's livelihood and economy in the Greater Bay Area.