Hongkongers may soon be able to open mainland China bank accounts remotely
Talks between officials now focused on sorting out differences in the two regulatory systems involved, and the flow of funds between accounts on either side
Hong Kong residents may soon be able to open mainland bank accounts remotely, following in-depth talks between financial authorities on both sides of the border.
“It would make their lives easier if they opt for living or retiring in the mainland such as in the Greater Bay Area,” said Norman Chan Tak-lam, chief executive of Hong Kong Monetary Authority on a sidelines of the Treasury Markets Summit 2018 in Hong Kong on Friday, attended by hundreds of bankers.
He said the opportunity has only become possible through advances in technology, such as facial recognition or other biometric methods to identify customers online, without the need for them to visit a mainland bank to open an account.
Talks are now focused on officials sorting out differences in the two regulatory systems involved, and the flow of funds between accounts on either side.
Initially customers are likely to be able to move small amounts of cash, using e-wallets provided by such operators as Alipay or WeChat Pay.