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Press Release 06 November 2019

HKAB welcomes more measures to develop GBA



Mary Huen, Chairperson of the Hong Kong Association of Banks, said: "We welcome the authorities to further promote the development of the financial sector in the Greater Bay Area (GBA), allowing more banks to participate in the pilot scheme of remote bank account opening, and exploring the opportunity of a two-way, cross-border 'Wealth Connect'. We support the authorities to progressively enhance the connectivity of the financial markets in the GBA, facilitating cross-border transaction of wealth management products such as funds and insurance products, which will expand the investment platforms and options for people and institutions in both Hong Kong and the mainland. As the flow of people continues to increase within the GBA, this will help meet the people's needs for cross-border investment and wealth management, bring new business opportunities to the financial institutions in Hong Kong, and further promote cross-border usage of the renminbi. We hope the authorities will launch the details of the plan soon, so as to enhance the connectivity of the financial markets in the GBA."
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