HSBC, Standard Chartered, Bank of China (HK) among 19 lenders approved to sell Wealth Management Connect products
Bank of China, HSBC and Standard Chartered are among the 19 banks that have received approval from the HKMA to sell wealth management products to mainland residents. Photo: Bloomberg
Each investor can only trade up to 1 million yuan (US$155,000) on a net remittance basis HKMA allows 16 banks to sell products in Hong Kong and the mainland, while three can only sell to Greater Bay Area residents via the southbound route
HSBC, Standard Chartered, Bank of China (Hong Kong) - the city's three note-issuing banks - are among the 19 Hong Kong lenders that received the greenlight to sell investment products under the Wealth Management Connect scheme in the Greater Bay Area from Tuesday.
The Hong Kong Monetary Authority on Monday said 16 banks can sell products in Hong Kong and the mainland, while three banks can only sell products to mainland residents via the southboun