The Greater Bay Area just made investing a whole lot easier! On December 4, the upgraded Cross-boundary Wealth Management Connect scheme (WMC) launched, allowing residents of the Chinese mainland, Hong Kong, and Macao to access each other’s financial products seamlessly.
This advanced scheme lowers entry barriers for local investors 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.
Not only does the new policy offer a wider selection of products, but it also brings greater convenience. “Investors can now access different financial platforms via app links, enabling one-click account setup and a seamless customer experience without traveling cross-border,” explained Ye Jingni, investment director in charge of international wealth management at China International Capital Corporation.
By the end of October, over 120,000 individual investors had participated in the WMC pilot scheme, including more than 50,000 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.
The upgraded WMC scheme is a big step forward for financial connectivity in the region, opening up new opportunities for young investors looking to diversify their portfolios.
