GBA Wealth Management Connect – A New Chapter of Opportunities
Greater Bay Area
The Wealth Management Connect (WMC) scheme, announced in June last year, will enable residents in Hong Kong, Macao and the nine Greater Bay Area cities in Guangdong Province to invest in wealth management products across the whole GBA. Although details for the WMC have yet to be fleshed out, a joint Memorandum of Understanding signed in February 2021 serves as a significant milestone in laying out a road map for the scheme’s design and implementation.
At a Chamber webinar on 23 April, Donald Chen, Senior Advisor (External) at the Hong Kong Monetary Authority, explained that the scheme will allow global financial institutions to capitalize on GBA opportunities without having to establish a presence in the Mainland or obtain a license, through partnering with an onshore bank.
In the panel discussion that followed, Greg Hingston, Regional Head of Wealth and Personal Banking, Asia Pacific at HSBC; Angel Ng, CEO at Citi Hong Kong and Macao, and Sally Wong, CEO at the Hong Kong Investment Funds Association, discussed the opportunities and challenges arising from the implementation of the WMC. These included the role that the financial industry will play in distributing products through the scheme, as well as the scope of products that will be available, and the tax implications for investors.
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