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HSBC and 18 other banks can now sell wealth investment products in the Greater Bay Area
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cnbc.comHSBC and Standard Chartered Bank are among more than a dozen lenders that can start selling investment products from Tuesday, under a new cross-border investment scheme that connects capital markets in the Greater Bay Area.
It comes as China continues to reform the mainland's capital markets and raise their accessibility to international investors.
The Hong Kong Monetary Authority has approved 19 Hong Kong lenders under the Wealth Management Connect Scheme (WMC), which allows them to sell investment products in the Greater Bay Area — comprising of Guangdong province as well as the special administrative regions of Hong Kong and Macao.
This will mark the first time retail investors can engage in cross-boundary investments, according to Eddie
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