HONG KONG and SHANGHAI, Oct. 25, 2021 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 02318; SSE: 601318) announced its subsidiary Ping An Bank (SZ:000001) has launched services under the Cross-boundary Wealth Management Connect pilot scheme on 19 October. The Bank's service expansion opens a new chapter in the integration of Guangdong, Hong Kong and Macao, accelerating the financial markets' connectivity and development.
The Cross-boundary WMC enables residents in Hong Kong, Macao and nine cities in Guangdong Province to make cross-boundary investments in wealth management products distributed by banks in the area. Ping An Bank, one of the first banks to participate in the pilot scheme, received approval from the People's Bank of China and the Hong Kong Monetary Authority on 18 October.
The Cross-boundary WMC includes the Southbound Scheme and the Northbound Scheme. In the Northbound Scheme, Ping An Bank offers fixed-income top wealth management products tailor-made by its wealth management subsidiary Ping An Wealth Management. Ping An Bank also partners with first-tier fund companies in mainland China, such as E Fund and ZO Asset Management, to select mutual funds with low subscription fees and quality service exclusively for Hong Kong and Macao clients. Amid COVID-19 travel restrictions, the Bank enables Hong Kong and Macao clients who already have accounts with Ping An Bank in the Greater Bay Area to sign an e-agreement, link to the transfer account at OCBC Wing Hang Bank of Hong Kong, and activate the Northbound Scheme function in the Ping An Pocket Bank app. They can then purchase or redeem domestic wealth management products in mainland China online. There is no need to visit to a bank branch. However, new customers must open a bank account by visiting a Greater Bay Area branch in person.
For the Southbound Scheme, Mainland investors can open a cross-border investment account through Ping An Bank without travelling to Hong Kong or Macao. They can then invest in eligible wealth management products distributed by OCBC Wing Hang Bank of Hong Kong via the Ping An Pocket Bank app.
Ping An Bank is headquartered in Shenzhen. It has more than 200 offices in the Greater Bay Area, including Guangzhou, Zhuhai, Dongguan, Huizhou and Zhongshan. The Bank's service team includes more than 100 investment advisors and 900 private bankers. Capitalizing on Ping An Group's technological prowess, the Bank provides online and smart cross-border financial products and service experiences to Mainland, Hong Kong and Macao investors .
