Chinese regulators have announced plans to expand the cross-border wealth management scheme to deepen financial cooperation between the mainland, Hong Kong and Macau.
Regulators in Hong Kong, Macau and mainland China will further enhance the «Cross-boundary Wealth Management Connect Pilot Scheme», according to a statement. The scheme was first launched in September 2021 for eligible residents to gain access to investment products distributed at banks in each other's markets.
The financial watchdogs will focus on a handful of initiatives including changes to the investor eligibility criteria to support more participants, increased individual investor quotas as well as expanded scope for eligible products and participating institutions, including securities firms.
The regulators involved in this plan include the People’s Bank of China, the National Administration of Financial Regulation, China Securities Regulatory Commission, State Administration of Foreign Exchange, Hong Kong Monetary Authority, Securities and Futures Commission and the Monetary Authority of Macao.
