Wealth Management Connect makes positive start as customers rush to open accounts, invest on both sides of the border
- Banks receive upbeat response from customers in Hong Kong and the mainland on the first day of trading of the new connect scheme
- Bank of China (HK) has assigned 3,500 staff to focus on the connect scheme, while HSBC plans to dedicate a staff of 5,000
HSBC, Standard Chartered, Bank of China (Hong Kong) (BOCHK) and 10 other lenders contacted by the South China Morning Post, said the response from customers to open bank accounts was positive, with many of them buying investment products across the border.
BOCHK said the first customers opened an account in Hong Kong and Qianhai, Shenzhen, right after they opened for business at 9am. The account opening and product purchase only took them 20 minutes to complete, it said.
One of the basic requirements is that all banks have customers to be present at a branch to open a wealth management account, following which they can use the respective bank’s mobile phone app to invest and transfer funds.
Chow noted that mainland customers preferred mixed-asset funds tracking bonds and stocks, while Hong Kong investors like yuan bonds and other yuan products sold in the mainland.