Standard Chartered Hong Kong launch WMC services

Clients can now purchase SC Hong Kong’s wealth management products.

Standard Chartered Bank (Hong Kong) has officially launched its products under the cross-boundary Wealth Management Connect scheme.

Beginning 19 October, eligible northbound clients who already hold an existing investment account with Standard Chartered China can, through Standard Chartered Hong Kong, designate the account as the dedicated investment account under the Northbound Scheme. 

Other Hong Kong clients can complete an account opening form in advance through Standard Chartered Hong Kong and visit a branch of Standard Chartered China in the Greater Bay Area (GBA) later to set up a dedicated investment account. Products offered reportedly include a range of funds that cover multiple asset classes such as currency, stock and bond, with themes like China’s new economy and fixed income strategy. 

Under the southbound scheme, GBA mainland clients can set up a dedicated investment account with Standard Chartered Hong Kong by attestation through Standard Chartered China. 

When the account opening is completed, GBA mainland clients can reportedly purchase Standard Chartered Hong Kong’s wealth management products dedicated for the Southbound Scheme, such as deposits, foreign currencies and funds, amongst others.

Lay Choo Ong, Head of Consumer, Private and Business Banking, for Standard Chartered Hong Kong, said that they are working closely with Standard Chartered China to provide a  diversity of wealth management solutions for their GBA mainland clients and help them seize the offshore investment opportunities. 

“Meanwhile, we will also help eligible Hong Kong clients open investment accounts under the Northbound Scheme to capitalise on the emerging investment opportunities onshore.” she added.