China’s Greater Bay Area: Regulatory Development & Entry Strategy
Explore Expansion Potential
In June 2020, the Peoples’ Bank of China, Hong Kong Monetary Authority, and the Monetary Authority of Macao jointly announced development of the Greater Bay Wealth Management Connect pilot scheme to facilitate cross-boundary investments of residents in the Guangdong-Hong Kong-Macao Greater Bay Area. Under the scheme, Mainland residents will be able to access eligible investment products distributed by banks in Hong Kong and Macau, while Hong Kong and Macau residents will be able to tap investment offerings from Mainland banks.
Do You Know?
Under the scheme, Hong Kong financial institutions may have access to access more than 70 million people in the Guangdong Hong Kong-Macao area.
Highlights of the scheme:
- Mainland residents will be able to access eligible investment products distributed by banks in Hong Kong and Macau, while Hong Kong and Macau residents will be able to tap investment offerings from Mainland banks
- Retail wealth management products under the scheme will be governed by the respective local laws and regulations as well as follow international best practices
- Cross-boundary remittances will be conducted and managed in a closed-loop system through the bundling of the designated investment and remittance accounts to ensure the funds are invested only in eligible products
- There will be aggregate and individual investor quotas in place
Inform Your Approach
If capturing opportunity in the Greater Bay Wealth Management Connect program is a priority, Cerulli can help you understand ongoing regulatory development in the region, identify potential regulatory changes that would drive the development of the Greater Bay Area, and position your products for asset gathering.
Subject Matter Experts
Ken Yap, CFA
Managing Director, Asia
Ken Yap is managing director of Cerulli’s Asia Pacific office. He oversees Cerulli’s business development strategy and research initiatives in the region. For more than 20 years, Ken has worked with asset managers, distributors, and financial institutions, identifying expansion opportunities with his deep knowledge of the market. He specializes in product development and market entry strategies into Asia’s established and emerging markets.
Prior to leading the Singapore office, Ken covered local and global asset management and distribution trends in Cerulli’s London and Boston offices. Before joining Cerulli, Ken was a consultant at Analysys’ Cambridge office in the U.K.
Full biography here.
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