• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Mortgages
    • Taxation
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Advertise with us
  • Events
  • Middle East Hub
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Events
    • Upcoming events
      View all events
  • Middle East Hub
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Banking

Hong Kong's financial sector to gain from new cross-border services: HKMA

Hong Kong's financial sector to gain from new cross-border services: HKMA
  • Pedro Gonçalves
  • @intlinvestment
  • 19 February 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The People's Bank of China and the Hong Kong Monetary Authority (HKMA) are working together to introduce cross-border mobile payments account openings and other wealth management services as part of the Greater Bay Area integration.

"We will study with the PBOC and other mainland officials how to introduce more cross-border mobile payments to allow people in Hong Kong and the mainland to be able to use their smartphones with e-wallet mobile apps to make payments. We want to see more e-wallets to make it easier for cross-border retail payments," the authority's chief executive Norman Chan Tak-lam told lawmakers on Tuesday, the SCMP reports.

Related articles

  • Hong Kong turmoil pushes wealthy residents to seek safe haven in US and Portugal
  • HKMA introduces new liquidity facilities to protect banks amid Hong Kong turmoil
  • Hong Kong health and pensions schemes find traction
  • Hong Kong launches raft of measures to regain investors' trust

"We want to make it easier for Hong Kong residents to be able to open bank accounts in the mainland, particularly the Greater Bay Area," he added.

The plan will also allow qualified Hong Kong and Macau banks and insurance companies to set up in the commercial development zones of Qianhai, Nansha, and Hengqin. The goal of the integration is to facilitate wider cross-border sales of mutual funds, insurance and other wealth management products.

However, Norman Chan stressed that the talks must be held with the PBOC in addition to Greater Bay Area officials. "Many of these measures including cross-border fund flows and capital account opening would need to get the approval by the PBOC," he said.

He added that the success of the project would also hinge on gaining the support of other banks and financial organisations.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Banking
  • Products
  • Wealth management
  • HKMA
  • Hong Kong Monetary Authority
  • People's Bank of China
  • PBOC
  • Hong Kong
  • Macau
  • Qianhai
  • Nansha
  • Hengqin
  • Greater Bay Area
  • Asia

More on Banking

Int'l advisers see regulatory change as their biggest challenge in 2019: research

  • Wealth management
  • 12 December 2019
Deutsche Bank slapped with €15m fine in money laundering case

  • Banking
  • 10 December 2019
Transamerica Life Bermuda targets HNWIs

  • Wealth management
  • 10 December 2019
Goldman Sachs could settle 1MDB case in US for less than $2bn

  • Banking
  • 10 December 2019
China CITIC Bank secures green light to set up wealth management company

  • Wealth management
  • 10 December 2019
Back to Top

Most read

Goldman Sachs to offer wealth management from $5,000
Goldman Sachs to offer wealth management from $5,000
Luxembourg watchdog freezes €87m in anti-money laundering push
Luxembourg watchdog freezes €87m in anti-money laundering push
HMRC hit with almost half a million refund requests
HMRC hit with almost half a million refund requests
Latin American AuM will more than double by 2025: PwC report
Latin American AuM will more than double by 2025: PwC report
HSBC makes changes at the top ahead of overhaul
HSBC makes changes at the top ahead of overhaul
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading