(29 June 2020) The Hong Kong Association of Banks welcomes the launch of a cross-boundary wealth management connect pilot scheme (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), announced jointly today by the People's Bank of China, the Hong Kong Monetary Authority and the Monetary Authority of Macao. As an important measure that promotes the GBA's financial development, Wealth Management Connect will not only further open up the market for the wealth management business in the GBA and facilitate the banking industry's cultivation of new growth drivers, but also provide customers with broader avenues for asset allocation. Wealth Management Connect is significant in enhancing financial co-operation, mutual assistance and interaction in the GBA. The banking industry will give its full support to ensuring the successful implementation of Wealth Management Connect by maintaining close communication with regulatory authorities, and optimising the business process.

The Hong Kong Association of Banks

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