Hang Seng Bank supports deepening financial cooperation between mainland China and Hong Kong

Hang Seng Bank (referred to as "Hang Seng") Executive Director and CEO Shi Yingyin recently stated that Hang Seng Bank welcomes and supports the new measures of "three connections and three conveniences" to deepen financial cooperation between mainland China and Hong Kong. This measure is conducive to further promoting the interconnectivity of the financial markets in the Greater Bay Area and facilitating cross-border capital flows, consolidating Hong Kong's position as an international financial center and offshore RMB business hub. The release and optimization of the "Implementation Rules for the Pilot Implementation of Cross border Wealth Management Connect Business in the Guangdong Hong Kong Macao Greater Bay Area" can provide individual investors in the Guangdong Hong Kong Macao Greater Bay Area with more diverse choices of wealth management products, open up broader markets for the financial industry in the three regions, and further promote the cross-border flow and use of RMB.

It is reported that since the official launch of Cross border Wealth Management Connect in 2021, Hang Seng's business development in this area has become increasingly mature. Under the new optimization measures, Hang Seng will provide over 220 types of wealth management products for "Southbound Connect" customers, covering funds, bonds, RMB, Hong Kong dollars, and foreign currency deposits in different assets and markets for selection. These include the latest funds recognized and invested by the Hong Kong Securities and Futures Commission, which have been included in the qualified product category. This further meets the needs of individual investors in the Guangdong Hong Kong Macao Greater Bay Area to conveniently invest in local and overseas assets. At the same time, Hang Seng's wholly-owned subsidiary, Hang Seng Bank (China) Limited (referred to as "Hang Seng China"), also provides a variety of fund options covering different asset categories for "Cross border Wealth Management Connect" and "Northbound Connect" customers.

To cope with the continuous opportunities brought by cross-border wealth management, Hang Seng and Hang Seng China have already joined hands to layout the Guangdong Hong Kong Macao Greater Bay Area. In addition to digital banking and mobile wealth management services, as well as telephone wealth management channels, Hang Seng and Hang Seng China have specifically established 7 cross-border wealth management centers in major cities in the Guangdong Hong Kong Macao Greater Bay Area (including Hong Kong, Shenzhen, and Guangzhou in China).