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Wealth Management Connect scheme set to enhance Macau’s financial services as 10 banks prepare to serve mainland Chinese investors
- Ten lenders in Macau intend to sell investment products to mainlanders for the first time under the new cross-border link
- The scheme will bring new development opportunities to Macau’s financial industry, says senior Deloitte executive
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Ten banks in Macau intend to sell investment products to mainlanders for the first time under the new Wealth Management Connect scheme, according to the territory’s de facto central bank.
Some of them may be able to launch their new services as soon as this month, the Monetary Authority of Macau, also known as Autoridade Monetaria de Macau (AMCM), told the Post.
It is the first time the former Portuguese colony has been part of a cross-border trading scheme with mainland China, and it marks a major step forward in its efforts to diversify its economy and reduce its reliance on casinos.
The scheme officially launched by Beijing a month ago allows Hong Kong and Macau residents to invest in onshore Chinese investment products through banks in the Greater Bay Area, while residents of nine cities in Guangdong province can invest in Hong Kong and Macau wealth products through local lenders.
The Wealth Management Connect scheme is “an important measure and an innovative arrangement” to promote the financial industry in Macau and to strengthen connectivity among the 11 cities in the bay area, the AMCM said in a written interview with the Post.
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