ZA Bank launches Wealth Connect Southbound via Industrial Bank tie-up

The individual investment quota under the scheme is up to RMB3m or about US$443,000.

ZA Bank has officially partnered with Industrial Bank to launch cross-boundary Wealth Management Connect Southbound Scheme services.

It is the first digital bank in Hong Kong to provide the service, ZA Bank said.

Eligible investors from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in mainland China can open a mainland remittance account, undergo qualification verification, and take ZA Bank’s risk assessment through Industrial Bank.

They can also open and operate a Southbound Scheme dedicated investment account via the ZA Bank app to invest in eligible wealth management products in Hong Kong, available 24/7.

Initial phase of ZA Bank’s Southbound Scheme services covers RMB, HKD, and foreign currency time deposits, as well as low- to medium-high risk funds authorised by the Securities and Futures Commission of Hong Kong.

The individual investment quota under the scheme is up to RMB3m (approximately US$443,000).

The service is only available to eligible GBA investors in the Chinese Mainland. Applicants must be residents of the nine GBA cities in mainland China, possess over two years of investment experience, and meet income and asset requirements set by authorities.

The Southbound Scheme is not applicable to investors assessed by Hong Kong banks as vulnerable customers, ZA Bank said.