Hong Kong-Guangdong deal paves the way for city’s residents to remotely open mainland bank accounts
- The governments of Hong Kong and Guangdong are looking to expand the pilot scheme for Hong Kong residents to open mainland personal bank accounts remotely
- The agreement comes in the wake of Hong Kong residents’ rising purchases of property in the Greater Bay Area
Hong Kong residents will soon be able to open personal bank accounts in the Greater Bay Area without having to visit the mainland in person, allowing them to access banking services such as mortgage loans for buying homes in the region.
The 2020 Work Plan, an agreement signed by the governments of the Hong Kong and Guangdong province on Friday, covers 57 measures aimed to “further facilitate exchanges between residents and improve the quality of living” of the people of the two places.
Under the agreement, the two governments will explore expanding the pilot scheme for Hong Kong residents to open mainland personal bank accounts remotely by attestation through a wider bank coverage, enhancement of the account opening process, and the promotion of remote onboarding arrangement. The agreement, however, did not specify a time frame for the launch of the banking service.
“In view of Hong Kong residents’ growing home purchases in the region, the two governments will improve and implement policies and measures facilitating property purchases by Hong Kong residents in Guangdong,” according to the agreement signed by Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor and the Governor of Guangdong Province Ma Xingrui.