HKMA announces list of eligible banks in Hong Kong for launching Cross-boundary Wealth Management Connect Pilot Scheme
******************************************************************************************
The Hong Kong Monetary Authority (HKMA) announced today (January 27) five eligible banks in Hong Kong which can launch Cross-boundary Wealth Management Connect (Cross-boundary WMC) services (Southbound participating banks, Northbound participating banks), bringing the total number of eligible banks in Hong Kong to 24. These banks, together with their respective Mainland partner banks whose eligibility for providing pilot Cross-boundary WMC services have been confirmed by the relevant Mainland regulatory authorities (to be announced separately by the Mainland authorities today), can start providing Cross-boundary WMC services together tomorrow (January 28) the earliest.
As set out in the "Implementation Arrangements for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area" (Implementation Arrangements) promulgated by the HKMA on September 10, 2021, banks in Hong Kong which intend to embark on Cross-boundary WMC activities should put in place systems, internal control measures and complete relevant systems testing, and submit a self-assessment to the HKMA prior to the launch of such activities in accordance with the requirements in the Implementation Arrangements.
The HKMA will closely monitor the operation of the scheme and update from time to time the list of eligible Hong Kong banks on the HKMA's dedicated Cross-Boundary WMC webpage.
Ends/Thursday, January 27, 2022
Issued at HKT 17:45
Issued at HKT 17:45
NNNN