<img src='https://news.cgtn.com/news/2024-12-04/Cross-border-financial-products-now-accessible-via-securities-firms-1z3PjTIob1S/img/7cb56a5f1c7845c5a53262b23416efd1/7cb56a5f1c7845c5a53262b23416efd1.png' alt='An investor is holding smart devices to choose financial product in Guangzhou, China, April 14, 2024/CFP'
The upgraded Cross-boundary Wealth Management Connect scheme (WMC) launched on December 4, allowing residents of the Chinese mainland, Hong Kong, and Macao in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to access each other’s financial products.
The advanced scheme lowers entry barriers for local investors in the GBA and broadens the range of eligible products.
“These measures better address cross-border investment needs, enhance financial market connectivity in the region, and support high-level opening up of China’s financial sector,” said Wang Kai, chief strategy analyst at Guosen Securities in an interview with CMG.
The new policy offers not only a broader product range but also greater convenience, underscored by Ye Jingni, investment director in charge of international wealth management at the China International Capital Corporation. Investors can now access different financial platforms via app links, enabling one-click account setup and a seamless customer experience without traveling cross-border.
By the end of October 2024, over 120,000 individual investors had participated in the WMC pilot scheme. This includes more than 50,000 investors from Hong Kong and Macao and over 70,000 from the Chinese mainland. Domestic banks facilitated cross-border fund transactions exceeding 95 billion yuan(about $13.06 billion) through compliant management practices.