GBA wealth management scheme opens to brokers, more financial products available for purchase

The Monetary Authority of Macau (AMCM) has released revised implementation rules for the Cross-boundary Wealth Management Connect Scheme in the Greater Bay Area, which expands the investment limit, the range of service providers, and the selection of available financial products.

According to the updated guidelines, the maximum investment limit for individual investors has increased from RMB1 million (MOP1.1 million/US$0.14 million) to RMB3 million.

In addition to the adjustment in the investment limit, the revised rules now grant brokerages’ access to the scheme in a bid to expand the diversity of service providers, which was previously limited to banks only.

Investors can now purchase a wider range of wealth management products, including deposits, bonds, equity funds, and public mutual funds.

For individual investors who choose to allocate funds through both banks and brokerages, the maximum investment limit for each channel has been set at RMB 1.5 million.

The Cross-boundary Wealth Management Connect Scheme allows Hong Kong and Macau residents to invest in onshore Chinese investment products, while residents of nine cities in Guangdong province can invest in Hong Kong and Macau wealth products.

As of December 2023, the scheme has authorised 10 local banks to offer services, namely: Bank of China Macau Branch; Bank of Communications Macau Branch; China Construction Bank Macau Branch; China Guangfa Bank Macau Branch; CMB Wing Lung Bank; Industrial and Commercial Bank of China (Macau); Luso International Banking; Tai Fung Bank; and OCBC Wing Hang Bank.

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