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October 26, 2021

Ping An Bank unveils cross-border wealth offering in Greater Bay Area

By Verdict Staff

Ping An Bank, a subsidiary of Chinese insurer Ping An, has rolled out services under the Cross-boundary Wealth Management Connect (WMC) pilot scheme.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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.

 

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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