Hong Kong’s securities regulator has unveiled the first batch of brokers for the cross-border wealth management scheme with mainland China.
The Securities and Futures Commission (SFC) has announced that 14 licensed corporations are eligible to participate in the Wealth Management Connect (WMC) pilot scheme within the Greater Bay Area, according to a statement. They include the local securities arms of major Chinese financial firms like CICC, CITIC and Guotai Junan.
«Today’s announcement marks another significant milestone for the brokerage industry and the WMC scheme in terms of enhancing the connectivity of financial markets in the GBA and fostering Hong Kong’s wealth management business,» said Julia Leung, CEO of the SFC.
The WMC scheme enables cross-border investment of wealth products by eligible residents within the Greater Bay Area, an 11-city cluster that includes Hong Kong, Macau and southern mainland cities. Earlier this year, the regulator loosened the scheme with an increased individual investment quota of 3 million Chinese yuan ($420,000), expanded product scope and more.
