On October 18, Postal Savings Bank of China (hereinafter referred to as PSBC) and Development Bank of Singapore (hereinafter referred to as DBS) (Hong Kong) were confirmed by the People’ s Bank of China Guangzhou Branch, the Central Sub-Branch in Shenzhen, the Hong Kong Monetary Authority and other regulatory bodies respectively as participating banks of the cross-boundary Wealth Management Connect (hereinafter referred to as WMC) pilot scheme. Both parties will jointly provide access to diversified investment products, digital banking capabilities and specialized consulting service for customers in the Guangdong-Hong Kong-Macao Greater Bay Area (hereinafter referred to as GBA).
PSBC said, the WMC pilot scheme opens up a broader asset allocation market and brings new opportunities for commercial banks. In accordance with the guidance requirements of “Implementation Rules for the Guangdong-Hong Kong-Macau Greater Bay Area ‘Cross-Border Wealth Management Connect Pilot Scheme’” jointly announced by regulatory bodies, the two parties will initiate financial service of cross-boundary WMC with their respective distinctive features, which will contribute to the construction of the GBA financial market.
DBS Bank (Hong Kong) is DBS Bank’s largest franchise outside of Singapore where it is headquartered. DBS Bank (Hong Kong) said that they are excited to partner with PSBC to develop distinctive wealth management proposition for GBA customers, which creates mutual benefits between PSBC and DBS Bank (Hong Kong). DBS Bank (Hong Kong) will continue to intensify its development in the GBA through PSBC’s service network.