Plans are afoot for changes to the Wealth Management Connect scheme including allowing residents to purchase global equities for the first time and increasing quotas for individual investors.
That is according to Eddie Yue, chief executive of the Hong Kong Monetary Authority, the South China Morning Post reported, citing his comments at the Bloomberg Wealth Asia Summit in Hong Kong.
“We will soon be introducing Wealth Management Connect 2.0…We’re finalising our discussions with the mainland authorities,” Yue said. “I hope it can come soon because it is the right time to put it out when we have started to open our borders, when flows will come this way [to Hong Kong].”
Wealth Management Connect, which was launched to much fanfare in September 2021, allows residents in the Greater Bay Area to invest in approved wealth management products in mainland China, Hong Kong and Macau.
The current quota for individual investors is set at Rmb1m ($144,000), while the total quota for the scheme is Rmb150bn. Currently investors are only able to purchase bond funds.