Tips and Traps for Launching GBA Wealth Management Connect

On 10 September 2021, the HKMA and PBOC officially launched the Cross-boundary Wealth Management Connect pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, accompanied by guidance issued by the HKMA and the PBOC and a set of frequently asked questions.

The Rules provide detailed guidance by which Hong Kong SAR banks and Mainland banks must abide in order to ensure that the services provided under the WMC Scheme are within the permissible parameters. We have therefore set out some key considerations for Hong Kong and Mainland banks which are minded to participate in the WMC Scheme.