"Cross-border Financial Link" business pilot landed in full moon—

Personal cross-border financial management is more convenient

  Our reporter Yao Jin

  It has been one month since the pilot project of "Cross-border Finance Link" has been launched, and the response from all parties has been positive.

The reporter learned from the Shenzhen branch of China CITIC Bank that since the launch of the pilot business, it has greatly facilitated investors' cross-border financial management business.

A Ms. Ye said after handling the business that when I went to Hong Kong and Macau to open an account for financial management, the processing time was very long. Now I can handle related business in Shenzhen through the "Cross-border Finance Link", which can be completed in more than 20 minutes. And in the future, you only need to operate it on the mobile banking APP, which is very convenient.

  Since the launch of the pilot program on October 19, the "Cross-border Wealth Management" business has attracted widespread attention from residents in the Guangdong-Hong Kong-Macao Greater Bay Area.

According to data released by the People’s Bank of China Shenzhen Central Sub-branch, Shenzhen’s 20 pilot banks have opened 5,079 accounts in the first month of “Cross-border Financial Link”, processed 104 million yuan in cross-border fund transfers, and individual investors have purchased and invested a total of The product is 54.184 million yuan, and the relevant data respectively account for 39.0%, 39.5% and 36.2% of the total business volume of the "Cross-border Financial Link" in the entire Greater Bay Area.

  The so-called "Cross-border Wealth Management" business refers to the closed-loop funding channels established by investors in the Guangdong-Hong Kong-Macao Greater Bay Area and Hong Kong and Macao through the regional banking system to cross-border investment products or wealth management products sold by the counterparty bank (hereinafter collectively referred to as " Investment Products").

The Guangdong-Hong Kong-Macao Greater Bay Area has close economic and trade exchanges and frequent personnel exchanges. Cross-border work and life of individual residents in the region are very common, and there is a greater demand for cross-border financial management.

  According to the identity of the investment subject, "cross-border financial management links" are divided into "south-bound links" and "north-bound links".

"Southbound Link" refers to the opening of personal investment accounts by local investors in the Greater Bay Area to purchase investment products sold by Hong Kong and Macau marketing banks; "Northbound Link" refers to the opening of personal investment by Hong Kong and Macau investors in the local agency banks of the Greater Bay Area Account, to purchase investment products sold by Mainland agency banks.

  According to the relevant person in charge of the Shenzhen Central Branch of the People’s Bank of China, in the first month of the launch of “Cross-border Wealth Management”, a total of 2,105 people from Hong Kong and Macau participated in the “Northbound”. Yuan; A total of 2,974 people from the Mainland participated in the "Southbound Link", cross-border transfer of funds amounted to 49.456 million yuan, and investment product transactions amounted to 14.593 million yuan.

Cross-border financial management services show that transactions in both the north and the south are more active. The business areas are mainly Shenzhen and Hong Kong. The preferences of north-south investors for investment products are slightly different, and various types of banks are actively participating.

  Specifically, “Southbound” investors prefer deposits, and “Northbound” investors prefer wealth management products.

The data shows that under the "Northbound Link", individual investors from Hong Kong and Macao purchased 39.591 million yuan of domestic investment products, including 27.918 million yuan in wealth management products and 11.672 million yuan in fund products, accounting for 70.5% and 29.5% respectively; "Southbound Link" Under the item, mainland individual investors purchased a total of 14.593 million yuan of investment products from Hong Kong and Macau, including deposits of 13.958 million yuan and investment funds of 635,000 yuan, accounting for 95.6% and 4.4% of the total.

  From the data point of view, overseas funds and domestic fixed-income products are more popular.

For a long time, the homogeneity of the investment targets of domestic fund products has been more serious, and the investment scope of overseas issuance is wider, which is conducive to satisfying the diversified investment needs of domestic customers; while the Hong Kong and Macao markets lack stable and reliable RMB fixed-income products. Demand for stable financial products continues to grow.

From the industry’s perspective, this “cross-border financial management” business pilot has opened up a new channel for individual cross-border investment by residents of the Greater Bay Area, Hong Kong and Macau, and will further promote the in-depth integration of the lives of residents in Guangdong, Hong Kong and Macau; and promote financial services in the Mainland, Hong Kong and Macau. The interconnection of markets will enhance the two-way openness of financial markets and inject new vitality into the development of the financial industry in Hong Kong and Macau.

  The reporter learned that "Cross-border Wealth Management" is still in the pilot phase, and the first batch of 20 pilot banks are actively participating, hoping to use this as an opportunity to promote cross-border business innovation in the Greater Bay Area and seize opportunities to seize the market.

According to the disclosed data, 6 state-owned banks opened 3136 accounts for individual investors and handled 58.227 million yuan in capital transfers, accounting for 61.7% and 56.1% respectively; 7 joint-stock banks opened accounts for individual investors There were 1,335, handling capital transfers of 27.131 million yuan, accounting for 26.3% and 26.1% respectively; 7 foreign banks opened 608 accounts for individual investors and handling capital transfers of 18.521 million yuan, accounting for 12% and 26.1% respectively. 17.8%.

  The relevant person in charge of the Shenzhen Central Branch of the People's Bank of China stated that the next step will be to increase market research with pilot banks, actively collect business demands from market entities, strengthen communication and coordination with Hong Kong and Macao financial regulatory authorities, and study and resolve blockages under the premise of controllable risks. To further improve the convenience and promote the sustainable and healthy development of the business.

Keywords: