Ping An Bank, a subsidiary of Chinese insurer Ping An, has rolled out services under the Cross-boundary Wealth Management Connect (WMC) pilot scheme.
The scheme looks to enhance wealth management connectivity between Guangdong, Hong Kong and Macao under the Southbound and Northbound schemes.
It has been designed to encourage wealth activities in these regions by allowing its residents to make cross-boundary investments in wealth management products distributed by banks.
Ping An Bank joined the pilot after securing approval from the People’s Bank of China and the Hong Kong Monetary Authority (HKMA).
In the Northbound Scheme, the bank is providing fixed-income wealth management products offered by its wealth management subsidiary.
It is also partnering with several fund companies in mainland China, including E Fund and ZO Asset Management, to offer select mutual funds with low subscription fees for Hong Kong and Macao clients.
Ping An Bank’s clients in Hong Kong and Macao who already have accounts with the bank in the Greater Bay Area can activate the Northbound Scheme function in the Ping An Pocket Bank app.
This will enable them to buy or redeem domestic wealth management products in mainland China online, without the need to visit a bank branch.
Under the Southbound Scheme, Mainland investors will be able to open a cross-border investment account through Ping An Bank without visiting Hong Kong or Macao.
They will be able to invest in eligible wealth management products distributed by OCBC Wing Hang Bank of Hong Kong through the bank’s app.
Shenzhen-headquartered Ping An Bank has more than 200 offices in the Greater Bay Area.
These includes the bank’s branches in Guangzhou, Zhuhai, Dongguan, Huizhou and Zhongshan.
Last month, HKMA launched a cross-border wealth link that would enable financial institutions in the country to tap the Greater Bay area.