The Hong Kong Monetary Authority promulgates implementation details for Cross-boundary Wealth Management Connect Pilot Program in the Guangdong-Hong Kong-Macao Greater Bay Area on September 10, 2021. Photo: VCG

The landmark Wealth Management Connect (WMC) pilot program in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) saw solid results on its first day of operations on Tuesday, with strong demand for cross-boundary wealth management products, marking another crucial development in the ever-closer financial cooperation in the GBA. 

The WMC was first announced in September to allow individual investors on the mainland and the Hong Kong and Macao special administrative regions (SARs) to make cross-boundary investments in a wider range of wealth management products.

The program, which consists of the Southbound program and the Northbound program, made its debut on Tuesday, with 41 transactions totaling around 2.5 million yuan ($391,132) completed under the Northbound program within one hour after operations started, according to media reports.

Under the Southbound program, 115 investment accounts made eight transactions totaling 398,000 yuan within one hour. Transactions were seen in nine mainland cities and the Hong Kong and Macao SARs within one hour.

Analysts stressed that the WMC will further expand the two-way opening-up of financial markets, while boosting financial cooperation in the GBA. 

The launch showcases that the mainland has been promoting and diversifying channels for the opening-up of its financial market, Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Tuesday.   

In preparation for the launch on Tuesday, financial authorities on the mainland and the Hong Kong and Macao SARs announced a list of pilot banks on Monday, as investors showed strong interest.

"The smooth implementation of the pilot program also provides a more convenient channel for local investors as well as international investors," said Xi. 

Two cooperation zones in Shenzhen's Qianhai and Hengqin, South China's Guangdong Province, have been participating in the entire process and offering relevant services remotely, per media reports. 

Cooperative zones, demonstration areas and free trade zones in the GBA will establish and promote corresponding services and businesses, which will play a crucial role for other similar areas and zones across the nation to learn from, Xi added.

Global Times