"Cross-boundary Wealth Management Connect" is not an existing service of BOCHK, the following content is compiled in accordance with the latest information published by regulatory authorities.

Cross-boundary Wealth Management Connect

On 10 September, the regulatory authorities in the mainland and HKMA formally published the "Implementation Arrangements for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area", and further clarified the business details and handling procedures. "Cross-boundary Wealth Management Connect" will be launched soon, please stay tuned!

The Northbound Scheme refers to eligible Hong Kong and Macao investors opening a bank account in mainland partner banks with cross-boundary remittance function, remitting funds into the investment account, and investing in eligible wealth management products offered by banks in the mainland via designated channels.
The individual investor quota for each investor under the Northbound Scheme is RMB 1 million on a net basis.

What are the requirements for applying for the Northbound Scheme?
All Hong Kong residents who hold Hong Kong identity cards, including permanent and non-permanent residents, and are assessed by Hong Kong banks as not being vulnerable customers can participate in the Northbound Scheme.
How do customers open Northbound Scheme dedicated investment accounts?
A mainland partner bank can open a personal RMB Bank Account for a Hong Kong or Macao investor in accordance with the existing system and regulations, or the customer can use an existing personal RMB Bank Account, and assign it as the Northbound Scheme dedicated remittance account.
What products can investors purchase in the mainland via the Northbound Scheme?
1.Public fixed income wealth management products and equity wealth management products issued by Mainland wealth management firms (including Mainland banks' subsidiary wealth management firms and joint ventures between Mainland banks and foreign partners) and being assessed by the issuers and Mainland distributing banks as products with risk rating of "R1" to "R3" (excluding wealth management products for the purpose of cash management);
2.Public securities investment funds (excluding listed funds) being assessed by Mainland public fund managers and Mainland distributing banks as products with risk rating of "R1" to "R3".

The Southbound Scheme refers to eligible mainland investors in the Greater Bay Area ("GBA") opening a bank account in Hong Kong and Macao banks with investment function, remitting funds into the investment account, and investing in eligible wealth management products offered by banks in Hong Kong and Macao via designated channels.
The individual investor quota for each investor under the Southbound Scheme is RMB 1 million on a net basis.

What are the requirements for applying for the Southbound Scheme?
1.Full capacity for civil conduct;
2.Registered residents in the nine GBA cities, or with record of social security and personal income tax payment for five consecutive years in the nine GBA cities;
3.With at least two years of investment experience, and hold net month-end family financial assets of at least RMB 1 million or month-end family financial assets of at least RMB 2 million;
4.Being assessed by Hong Kong banks as not being vulnerable customers (for investors looking to open Southbound Scheme dedicated investment accounts in Hong Kong).
How do customers open Southbound Scheme dedicated accounts?
1.Southbound Scheme dedicated remittance account
A mainland partner bank can open a personal Class I RMB Bank Account for a mainland investor in accordance with the existing system and regulations, or the customer can use an existing personal Class I RMB Bank Account, and assign it as the Southbound Scheme dedicated remittance account.
2.Southbound Scheme dedicated investment account
A mainland partner bank can attest account opening as a representative of a Hong Kong or Macao bank, and provide attestation service for Southbound Scheme dedicated investment account opening for eligible mainland investors.
What products can investors purchase in Hong Kong via the Southbound Scheme?
1.Funds: Domiciled in Hong Kong and authorised by the SFC, assessed as "low-" to "medium-" risk and "non-complex" by Hong Kong banks distributing such products
2.Bonds: Assessed as "low-" to "medium-" and "non-complex" by Hong Kong banks distributing such products
3.Deposits: RMB, Hong Kong dollar and foreign currency deposits*(excluding structured deposits)

*Foreign currencies include US dollar, Euro, UK Pound Sterling, Australian dollar, New Zealand dollar, Canadian dollar, Swiss Franc, Japanese Yen and Singapore dollar.

Disclaimer:
The “Cross-boundary Wealth Management Connect” is not an existing service of BOCHK. The above information is prepared by our Bank based on the latest information provided by the regulatory authorities and is for reference only. The relevant content does not constitute any offer, solicitation, suggestion, opinion or any guarantee for any individual to buy or sell, be invited to subscribe or transact any particular products or services; nor does it constitute BOCHK's active marketing of “Cross-boundary Wealth Management Connect” to the public outside Hong Kong. Investment involves risks.