The first anniversary of the launch of the Greater Bay Area "Cross-Border Wealth Management Connect"

　　It has been one year since the pilot program of the "Cross-border Wealth Management Connect" business in the Guangdong-Hong Kong-Macao Greater Bay Area was launched.

Recently, various financial institutions in the Guangdong-Hong Kong-Macao Greater Bay Area have announced their one-year anniversary "transcripts".

Data shows that investors in the Greater Bay Area have shown great enthusiasm, and all types of banks are actively participating.

Industry insiders predict that with the continuous deepening of the interconnection of financial markets in the Greater Bay Area and the further enrichment of investment quotas and investment products, the business volume of "Cross-border Wealth Management Connect" will increase on a larger scale.

　　Steady increase in business scale

　　Over the past year, the "Cross-Border Wealth Management Connect" has been running smoothly, and the business scale, number of participants, and number of pilot banks have all increased steadily.

According to the relevant person in charge of the Shenzhen Central Sub-branch of the People's Bank of China, as of October 19, 2022, the mainland pilot banks in the Guangdong-Hong Kong-Macao Greater Bay Area have opened a total of 50,167 accounts related to the "Cross-Border Wealth Management Connect" business to handle cross-border remittances and transfers of funds. 1.561 billion yuan.

　　According to the identity of the investor, the "Cross-border Wealth Management Connect" is divided into "Southbound Link" and "Northbound Link".

"Southbound Link" refers to mainland investors in the Greater Bay Area opening personal investment accounts at Hong Kong and Macau sales banks to purchase investment products sold by Hong Kong and Macau sales banks; account to purchase investment products sold by mainland distribution banks.

Statistics show that transactions in both the north and south directions are relatively active. A total of 14,690 investors from Hong Kong and Macau participated in the "Northbound Link" through Shenzhen pilot banks, and the amount of cross-border remittance and transfer of funds was 211 million yuan; a total of 4,734 mainland investors participated through Shenzhen pilot banks. "Southbound Link", the amount of cross-border remittance and transfer of funds is 329 million yuan.

　　At the same time, all types of banks are actively participating in the pilot program to seize development opportunities.

6 state-owned banks opened 15,479 accounts for individual investors and handled 299 million yuan in fund remittances; 7 national joint-stock banks opened 2,282 accounts for individual investors and handled 129 million yuan in fund remittances; 9 foreign-funded banks 1,644 accounts were opened for individual investors, and 109 million yuan of fund remittance was handled; 2 urban commercial banks and rural commercial banks opened 19 accounts for individual investors, and 3 million yuan of fund remittance was handled.

　　Increase investment in fintech

　　In order to solve the problem of inconvenient cross-border transactions for customers under the epidemic environment, the pilot banks have stepped up investment in financial technology and other aspects, optimized service experience by simplifying business processes and using digital channels, and launched diversified products.

Among them, the Hong Kong and Macau branches of Bank of China have launched nearly 200 fund products, covering multiple currencies such as RMB, US dollar, Hong Kong dollar, euro, and British pound; HSBC has opened more than 600 Limaitong accounts, currently ranking first among foreign banks in Shenzhen; Bank of Communications provides more than 100 investment products covering deposits, bonds, public funds and other categories.

　　In terms of investment preference, Tsang Tak-chang, Executive Director of Wealth Management and Private Banking Greater Bay Area of ​​HSBC China Shenzhen Branch analyzed that due to the recent intensification of market volatility, stable income has become the main allocation target of "Cross-Border Wealth Management Connect" investors.

"In the past, customers would ask about the rate of return when they came in for inquiries, but now they mainly ask whether they can maintain their value." Zeng Dechang said that the current "Cross-Border Wealth Management Connect" northbound transactions are relatively more active. Attractiveness of RMB assets to Hong Kong and Macau investors.

Zeng Dechang said that he hopes to further expand the depth and breadth of the "Cross-Border Wealth Management Connect" in the future to better match the diversified investment needs of residents in the Greater Bay Area.

　　"The first anniversary of the successful launch of the 'Cross-Border Wealth Management Connect' is a successful attempt in the financial sector of the Guangdong-Hong Kong-Macao Greater Bay Area to integrate the advantages of the policies, systems, products and services of the three regions. If it is improved, the north-south business volume of "Cross-Border Wealth Management Connect" will increase on a larger scale." said Lin Yuandong, CEO of Standard Chartered Bank Greater Bay Area.

　　Development opportunities not to be missed

　　As one of the most economically active and internationalized urban agglomerations in China, the Guangdong-Hong Kong-Macao Greater Bay Area has become an important starting point for global financial institutions to expand their business.

Executives of foreign banks believe that the "Cross-border Wealth Management Connect" has brought valuable development opportunities, let them feel the strength and determination of China's opening up, and strengthened their confidence in the layout and development of the Guangdong-Hong Kong-Macao Greater Bay Area .

　　Lin Yuhua, CEO of Citigroup China and President of Citibank (China) Co., Ltd. believes that with the continuous deepening of the interconnection of financial markets in the Greater Bay Area, overseas investors have gained unprecedented convenience in entering the Chinese market, and the opening of the domestic stock market has also more diverse.

"In the Guangdong-Hong Kong-Macao Greater Bay Area, our pilot business has recently exceeded US$16.5 billion, with more than 69,000 transactions completed, benefiting 21 local and multinational corporate clients operating in the Greater Bay Area." Lin Yuhua said, in order to support customers For the long-term development in China, Citigroup is stepping up the recruitment of local talents.

　　Lin Yuandong also said that the Standard Chartered Group has set the Guangdong-Hong Kong-Macao Greater Bay Area business as a strategic priority. The Standard Chartered Greater Bay Area Center, which the group invested 40 million US dollars to build, was officially completed in May this year. The business, operation and innovation teams are currently settled.

He believes that the focus of the future development of the Guangdong-Hong Kong-Macao Greater Bay Area is to promote cross-border financial cooperation and talent exchanges among Guangdong, Hong Kong and Macao through the cooperation of talents and technology based on innovation, and at the same time promote high-quality economic development. develop.

　　"'Cross-border Wealth Management Connect' has explored a new path for the internationalization of the RMB. Next, we need to promote this business to be bigger and more solid, so as to promote the all-round interconnection of the financial markets in the Mainland, Hong Kong and Macau, and promote the development of RMB with a higher level of opening up. The high-quality development of the Greater Bay Area economy." said the relevant person in charge of the Shenzhen Central Sub-branch of the People's Bank of China.

(People's Daily Overseas Edition reporter Wang Lingxi)