HK pushes to open Greater Bay Wealth Connect to brokers
Move would give more competition to banks already in programme to vie for estimated US$500m in annual fees
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Hong Kong
HONG Kong regulators have opened the door for brokerages to participate in a wealth management link with the mainland, giving more competition to banks already in the programme to vie for an estimated US$500 million in annual fees.
The Securities and Futures Commission (SFC) has given an in-principle nod to expand Wealth Management Connect to the hundreds of licensed brokerages in the city, subject to applications and other requirements, according to people familiar with the discussions. The move would need approval by mainland Chinese regulators.
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