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MNI BRIEF: GBA Cross-Border Wealth Management Connect Updated

MNI (Singapore)
(MNI)Beijing

The updated version of Cross-Border Wealth Management Connect in the Greater Bay Area (GBA) came into effect today, aimed at attracting more domestic individual investors by integrating the region's financial markets, Guandong Province newspaper Nanfang Daily reported on Monday.

The new rules will increase the individual investor quota from CNY1 million to CNY3 million. Meanwhile, the scope of the pilot program will expand to securities companies. The Northbound Connect will also include yuan deposit products sold by mainland banks. The rules will make it convenient for residents to participate in the pilot program, the report noted.

The programme started in 2021 and added 28,400 individual investors, up 49.5% y/y in 2023, while cross-border wealth management remittance reached CNY10.6 billion, increasing 3.8 times y/y, according to the People's Bank of China.

MNI reported last year Beijing wanted to expand the southbound Bond Connect programme to feed a growing Hong Kong offshore yuan bond market. (See MNI: Dim Sums Seen Multiplying As Attractive Rates Lure Issuers)

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