Cross-boundary Wealth
Management Connect

 

Cross-boundary Wealth Management Connect Scheme (“WMC”)


The WMC allows eligible Mainland, Hong Kong and Macao residents in the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”) to invest in wealth management products distributed by banks in each other’s market through a closed-loop funds flow channel established between their respective banking system. The WMC consists of the “Northbound Scheme” and the “Southbound Scheme”. The Northbound Scheme refers to eligible residents in Hong Kong and Macao investing in wealth management products distributed by Mainland banks via designated channels. The Southbound Scheme refers to eligible residents in the Mainland GBA cities investing in wealth management products distributed by banks in Hong Kong and Macao via designated channels.

Chong Hing Bank Limited (the “Bank”) and its designated partner bank in the Mainland, the Chong Hing Bank Limited Guangzhou Branch (“Guangzhou Branch”), have jointly launched the WMC Southbound Service to cater the financial needs of customers.

 

WMC Southbound Service Scope
Chong Hing Bank offer below services to “WMC Southbound eligible customer”

Savings and Fixed Deposit
  • Customer can deposit RMB funds into a dedicated multi-currency statement account (designated settlement account) in the WMC Southbound Investment Account at the Bank through a paired WMC Mainland remittance account from Guangzhou Branch.
  • Provides HKD and foreign currency savings (excluding structured deposit services) and fixed deposit services for the WMC Southbound Investment Account. The designated WMC Southbound Settlement Account must be a multi-currency statement account.
Foreign Exchange
  • Customer can convert RMB funds in the WMC Southbound Investment Account to HKD/foreign currencies.
  • Customer can visit the Bank’s designated branches* in Hong Kong or contact his/her relationship manager by phone for foreign exchange services.
Cross-boundary Remittances
  • After account binding, customer can use cross-boundary remittance service to transfer RMB funds from the WMC Mainland remittance account at Guangzhou Branch to the designated WMC Southbound Settlement Account at the Bank, or
  • Visits any designated branches* of the Bank in Hong Kong to remit RMB funds from the designated WMC Southbound Settlement Account to the WMC Mainland remittance account at Guangzhou Branch.
Eligible Cross-broader Wealth Management Products
  • Provides eligible cross-border wealth management products, including designated mutual funds, bonds, and RMB, Hong Kong dollar and foreign currency deposits.

 

Service Factsheet for WMC Southbound Service (Mainland designated partner bank ─ Chong Hing Bank Limited Guangzhou Branch)(Chinese version only)

 

For more information about Cross-boundary Wealth Management Connect services?
Please contact us -

  • Call the Bank’s Cross-boundary Wealth Management Connect Hotline:
    Hong Kong: (852) 3768 6698
    Cross-Border Toll-Free Hotline#:4008415036
    Services hours, Monday to Friday: 9:00 am to 6:00 pm; Saturday: 9:00 am to 1:00 pm
  • Visit our designated branches*: Hong Kong Main Branch, Causeway Bay Branch, Tsim Sha Tsui Branch, and Sheung Tsui Branch

#When customers are in the Mainland, the toll-free hotline allows customers to contact our customer service free of IDD charges. Customers have to agree to be bound by the service providers' terms and conditions.

 

Please visit Hong Kong Monetary Authority’s website for more information.

 

Risk Disclosure Statement
Below are some of the key risk factors concerning the use of the WMC Southbound Investment Account and the WMC Southbound Service and it is for reference only. This is not exhaustive in listing all the risks or other significant aspects of the WMC Southbound Service. The Customer should ensure that he understands the risks and the nature of the WMC Southbound Service before subscribing to the WMC Southbound Service. The Customer should consider carefully and consult his own advisers when necessary.

  1. Compliance with the Applicable Requirements
    Use of the WMC Southbound Service is subject to all the Applicable Requirements, including the applicable laws and regulations issued by the Authorities in Mainland China. The Applicable Requirements may be subject to change from time to time. Any change in the Applicable Requirements may have an adverse impact on the use or operation of the WMC Southbound Investment Account under the WMC Southbound Service (such as the imposition of a restriction on, or suspension of, the use of the WMC Southbound Service).

    The Bank may vary the scope of, suspend or terminate the WMC Southbound Investment Account under the WMC Southbound Service without prior notice for compliance with the Applicable Requirements. The Bank is not liable for any loss incurred or suffered by the Customer or any third party, arising from or in connection with the use of the WMC Southbound Investment Account under the WMC Southbound Service.
  2. Designation of a WMC Mainland Remittance Account
    The WMC Southbound Investment Account can only be used strictly for the sole purpose of the WMC Southbound Service by pairing that account with the Customer’s WMC Mainland Remittance Account and cannot be used for any other purposes or functions which may otherwise be available in respect of a bank account opened and maintained with the Bank.

    The Customer must follow the procedures and requirements as the Bank may specify from time to time, including the designation of a WMC Mainland Remittance Account for funds remittance to and from the WMC Southbound Investment Account. The Customer can only designate one WMC Mainland Remittance Account and cannot change such designated account without the Bank’s consent. The WMC Mainland Remittance Account must be opened and maintained with the Cooperating Bank. The operation of the WMC Mainland Remittance Account is subject to the terms and conditions applicable to such account as prescribed by the Cooperating Bank. The Customer shall understand the terms and risks associated with the operation of the WMC Mainland Remittance Account.

    In addition, the Customer should understand that the Cooperating Bank is incorporated in Mainland China, is not an authorized institution in Hong Kong as defined in the Banking Ordinance (Cap. 155 of the Laws of Hong Kong) and is not subject to the supervision of the Hong Kong Monetary Authority. The Cooperating Bank cannot carry on any banking business or the business of taking deposits in Hong Kong. Any deposits maintained with the Cooperating Bank are not protected under the Deposit Protection Scheme in Hong Kong.
  3. Restrictions on fund transfer and remittance
    All funds transfer and remittance under the WMC Southbound Service is restricted and subject to the Applicable Requirements and other requirements as the Bank may specify from time to time. The Customer can only effect cross-boundary fund remittance in RMB under the WMC Southbound Service under a closed-loop mechanism by pairing together the WMC Mainland Remittance Account and the WMC Southbound Investment Account for the sole purpose of the WMC Southbound Service, subject to any applicable aggregate and individual investor quota(s) imposed by the Applicable Requirements and/or other requirements as the Bank may specify from time to time. In other words, the Customer cannot effect cross-boundary fund remittance in RMB if the applicable aggregate or individual investor quota(s) has been exceeded. The Bank does not accept cross-boundary remittance for any other purpose.

    The Customer shall only deposit funds into the WMC Southbound Investment Account by way of cross-boundary fund remittance in RMB from the WMC Mainland Remittance Account, subject to any applicable aggregate and individual investor quota(s) imposed by the Applicable Requirements and/or other requirements as the Bank may specify from time to time. Funds must be converted into RMB for remittance back to the WMC Mainland Remittance Account. The Customer shall only use the funds in the WMC Southbound Investment Account to invest in the Eligible Products. The Customer cannot withdraw cash, nor transfer the balance from the WMC Southbound Investment Account to any account other than the WMC Mainland Remittance Account. In addition, the Applicable Requirements may change from time to time.

    The Bank generally transfers funds out of a Customer’s account upon instructions during working hours, subject to the types of transfer and the manner of instructions. The Bank reserves the right to reject the Customer’s instructions for the WMC Southbound Service, as the Bank reasonably considers appropriate. There is no assurance that the Customer’s instruction can be successfully processed in time or at all. If a Customer’s instructions are rejected or not processed in time, the Customer may be subject to liquidity risk.

    The Customer shall not authorise any third party to operate his WMC Southbound Investment Account.
  4. Restricted list of Eligible Products
    The Customer is only allowed to utilise funds in the WMC Southbound Investment Account for investment in the Eligible Products. The Bank may change the list of the Eligible Products from time to time without giving any reason or prior notice. The Customer cannot purchase products which have ceased to be the Eligible Products.

    The Customer must ensure that all assets held in the WMC Southbound Investment Account (or any part thereof) are free from any charge, lien or other security interests or encumbrances or claims in favour of any other person.
  5. RMB currency risk
    RMB is subject to foreign exchange control and restrictions imposed by the Mainland Chinese central government. There may be additional rules, regulations and restrictions that may be relevant to RMB conversion. The Customer should take reasonable steps to look out for updates and details before giving instructions for RMB conversion.

    The exchange rate of RMB may vary from time to time. There is no guarantee that RMB will not depreciate. The exchange rate of RMB traded outside Mainland China (“Offshore RMB”) will be affected by, amongst other things, foreign exchange control imposed by the Mainland Chinese central government from time to time. The Customer will incur currency conversion costs (being the spread between the purchase and sale of Offshore RMB) and be subject to exchange rate fluctuation risks in any such currency conversion.
  6. Foreign exchange risk
    If the Eligible Products that are traded by the Customer are not denominated in RMB, the Customer may have to convert RMB into the relevant foreign currency when the Customer invests in that foreign currency denominated Eligible Product. The Customer will be exposed to exchange rate risk.

    In addition, if the relevant foreign currency is subject to exchange control, it is possible that the Customer may not receive the relevant foreign currency upon redemption or sale of the foreign currency denominated Eligible Products. The relevant foreign currency denominated Eligible Products may also be subject to liquidity risk, credit and insolvency risks of the product issuers.

    The Bank is not responsible or liable for any diminution in the amount or the value of any foreign currency denominated Eligible Products due to taxes, imposts or depreciation, nor for the unavailability of any currency due to restrictions on convertibility or remittance, requisitions, involuntary transfers, exercise of military or usurped powers, or other similar causes beyond the Bank’s control.
  7. General risks associated with investing in the Eligible Products
    Investing in the Eligible Products involves risks. The Customer should understand and assess the risks associated with such investment (including the specific risk disclosures set out in the transaction documents of the relevant Eligible Products).
    • Certain investment funds are investment products involving derivatives. The investment decision is yours but you should not invest in the product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. Investment involves risks. Past performance is not indicative of future performance. The price of investment products may move up or down, and may become valueless. Investors should consider their own investment objective, financial position, risk tolerance level and relevant circumstances, and read the relevant offering documents and risk disclosure statement before making any investment decision. If investors have any doubt, they should seek independent professional advice.
    • Foreign currency investments are subject to exchange rate fluctuation which may provide opportunities and risks. The fluctuation in the exchange rate of foreign currencies may result in gains or losses in the case where the customer converts foreign currency to HK dollars or other foreign currencies. You should therefore carefully consider whether such trading is suitable in light of your own financial position and investment objectives. RMB is not freely convertible and conversion of RMB through banks in Hong Kong is subject to the rules, regulations and guidelines from the relevant regulatory authorities or entities from time to time.
    • Prices of bonds will fluctuate. The price of any individual bond (or its profit, if any) may move upward or downward and such bond may even become valueless. Investment in bond may be subject to credit risk, liquidity risk, interest rate risk and other risks inherent in any investment that losses may be incurred rather than profits made as a result of buying and selling bonds. Independent assessment of the risks and appropriateness of the transaction in the light of investor's own risk profile, objectives and circumstances, including the possible risks and benefits of entering into such transaction, should be made before entering into any transaction. Investors should seek independent professional advice whenever necessary.


Important Notice
Investors are subject to the provisions contained in the Bank's "Privacy Policy Statement" and "Disclaimer", investors have to familiarise themselves with their terms and conditions as may be revised by the Bank from time to time.
Content of this page is general information and for reference only. It does not constitute an offer, or an invitation to purchase or sell any investment product or service mentioned above.
This page is issued by Chong Hing Bank Limited. The contents of this page have not been reviewed by any regulatory authority in Hong Kong.