New opportunities for banks in cross-border wealth management
Following the announcement by the Monetary Authority the list of banks approved to launch Cross-boundary Wealth Management Connect (WMC) services yesterday, eligible banks can start offering the service today at the earliest.
“Considering that it will be the first time for retail investors to conduct cross-boundary investments, we will closely monitor the operation of the Cross-boundary WMC and step up investor education and investor protection work together with the industry,” Monetary Authority Chief Executive Eddie Yue said.
A total of 19 banks in Hong Kong are on the list at the moment. The authority noted that it will update from time to time the list of eligible banks on its webpage.
Downward pressure on net interest margin has been hurting major banks’ profitability in recent quarters, new business opportunities from the cross-border wealth management service could provide a much-needed boost to offset the drag on net interest income.
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