Wealth Management Connect: Hong Kong Lenders Race To Form Partnerships
(22 June 2021 – Hong Kong) Lenders in Hong Kong are racing to establish multiparty tie-ups with mainland peers to prepare for the Wealth Management Connect initiative in the Greater Bay Area, after China eased a one-to-one partnership to cross sell products.
Standard Chartered, HSBC, Bank of East Asia and DBS are engaging in talks with several Chinese banks to sell Hong Kong or international fund products in the mainland market.
Wealth Management Connect, set to launch in the second half of the year, could open up 3 billion yuan ($464 million) in annual fees for global and domestic banks, according to Bloomberg Intelligence estimates.
“The latest policy change has turned the one-to-one model to one-to-multiple partnerships,” said Standard Chartered chief executive for the Greater Bay Area Anthony Lin. “This will provide more choices for investors in terms of investment products and bank choices.”
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