,Hong Kong

Banks welcome launch of Wealth Management Connect in Guangdong-Hong Kong-GBA 

BEA highlights hiring plans, whilst Citi says it will offer 100 types of wealth products under WM Connect.

Banks have welcomed the launch of Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area, which enables cross-boundary wealth management investments more easily.

Under the scheme, residents in Hong Kong, Macau, and nine cities in Guangdong Province will be able to carry out cross-boundary investment in wealth management products distributed by banks in the Greater Bay Area.

Commenting on the launch, Citi Hong Kong’s Chief Executive and Consumer Business Manager Lawrence Lam shared plans to offer over 100 types of wealth management products under WM Connect.

“Citi Hong Kong is working with a partner bank in mainland China and is in the final preparatory stages for the launch of WM Connect,” Lam said in a press statement. “For Southbound Connect, we plan to offer over 100 types of wealth management products with low-to-medium investment risk under WM Connect, including bonds, mutual funds, as well as multiple foreign currencies services.” 

To support the client-led wealth growth in Hong Kong, Lam reiterated that the bank plans to hire over 1,000 professionals across its wealth franchise by 2025.

The Bank of East Asia - Hong Kong also plans to add to its headcount to support its plans to tap into WM Connect. Plans are reportedly underway to hire 300 sales staff across the GBA in the coming three years, the banks said in a statement.

BEA has over 1.8 million customers in the GBA and almost 80 branches covering the “9+2” cities under WM Connect, shared Adrian Li and Brian Li in an official statement, co-chief executives of the bank.

Even before its launch, BEA had reportedly already stepped up its development in the region by pioneering the offering of GBA mortgages and facilitating cross-boundary remittance services. 

With the launch of the WM Connect, the bank plans to further provide north-bound customers access to high-yield RMB assets on the Mainland, and give south-bound customers access to offshore investments, enabling them to diversify their portfolios, the press release added.

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