DBS Hong Kong Wealth Management Connect Southbound customers increased by 2.5 times in the second half of 2022 | 繁體

Hong Kong.05 May 2023

Official launch of the Wealth Management Connect Northbound business Providing more convenient cross-border investment services for Hong Kong investors

Hong Kong, 05 May 2023 - As the first bank in Hong Kong with three Southbound partners under the Wealth Management Connect (WMC) scheme, DBS Bank (Hong Kong) Limited (DBS Bank (Hong Kong)) provides a series of products and an extensive distribution network connecting its partners over 9 cities in the Greater Bay Area (GBA). With the extensive range of products and network, the customer base of DBS Bank (Hong Kong)'s WMC Southbound increased by 2.5 times in the second half of 2022 compared to the first half. At the same time, the average usage quota of Southbound individual investor is 5.7 times higher than the market average[1]. In view of this, DBS Bank (Hong Kong) today officially launched the WMC Northbound business to provide more convenient cross-border investment services to Hong Kong investors.

At present, Hong Kong investors can invest in products classified by DBS Bank (China) Limited (DBS Bank (China)) and Mainland public fund managers with risk rating as "P1" to "P3" through the Northbound scheme. As a wealth management specialist from Singapore, DBS Bank (Hong Kong) offers a professional GBA wealth management team and a wide range of wealth management solutions to provide investors in the GBA with one-stop cross-boundary wealth management services. 

Ajay Mathur, Managing Director, Head of Consumer Banking Group and Wealth Management at DBS Bank (Hong Kong) Limited, said, " DBS Bank (Hong Kong) has been committed to tapping new opportunities and innovative solutions for investors in the GBA. As the number of Southbound scheme users grows, DBS Bank (Hong Kong) expects that the newly launched Northbound scheme will provide better and international wealth management experiences for Hong Kong investors. Going forward, we will continue to strengthen our presence and capabilities in the GBA and to meet the growing financial needs of our customers in the region.”

Ken Chew, Vice President and General Manager of Consumer Banking Group and Wealth Management at DBS Bank (China) Limited said, “We are pleased to see the launch of the WMC Northbound scheme following the Southbound scheme. The opportunities brought about by the WMC are driving the cross-boundary flow of financial products and influencing the development of the financial ecosystem in the GBA. As the continuous growth of RMB assets is compelling, amidst the recent global market turmoil, Hong Kong investors can diversify their risk exposure by increasing their onshore RMB asset allocation, while enjoying benefits from dividends of China's economic development.”

WMC can be divided into "Southbound" and "Northbound". As one of the first banks to participate in the pilot scheme, DBS Bank (Hong Kong) will actively assist customers to fully capture opportunities brought about by WMC and the economic integration within the GBA.


[1] Source: People's Bank of China Guangzhou Branch; as of 28 Feb 2023