In the current extremely challenging operating climate, the announcement of the Wealth Management Connect scheme at the end of June is a welcome bit of good news. The latest Connect arrangement is another step in the opening up of the Mainland’s financial sector and will likely boost the financial services sector in Hong Kong.

Although full details have yet to be released, the new cross-border scheme will give Greater Bay Area (GBA) investors access to a range of wealth management products available in Hong Kong. As the Chinese middle class continues to grow, Mainland investors are becoming more cosmopolitan and more open to the wide range of sophisticated products that are available here, as well as the ability to access global markets through Hong Kong.

Following on from the Stock Connect and Bond Connect programmes launched in the past few years, this new scheme will also help create jobs for Hong Kong’s wealth management sector and associated industries. 

For northbound investors, Wealth Management Connect will make it easier for Hong Kong people to invest in innovative companies in Guangdong Province. The transformation of GBA cities from the world’s factory to an advanced innovation hub is well under way, and Hong Kong can be part of this success story by playing a bigger role in financing its growth.

Wealth Management Connect is just one part of the region’s opening up under the GBA initiative. The GBA blueprint, released last year, underlines Hong Kong’s role as the financial services hub of the GBA, and this latest scheme shows the Central Government’s determination to support Hong Kong as one of the world’s leading financial centres, playing a role that no other city can replicate in facilitating investment into the Mainland and in helping Chinese investors and companies to go global. 

Wealth Management Connect is a further incentive for financial services firms from around the world to establish or grow their presence in Hong Kong and benefit from this access.

We know from our surveys and discussions with Chamber members that the business community in Hong Kong is extremely positive about the GBA. I have no doubt that businesses are already looking at the Wealth Management Connect to see how they can make the most of the new opportunities that are emerging.

Peter Wong
[email protected]