On November 26th, 2021, The Bank of East Asia (China) Limited (“BEA China”) expressed, as one of the first batch of approved banks to participate in the Wealth Management Connect scheme (“WMC”), BEA China has been cooperating with its parent bank The Bank of East Asia Limited ("BEA") to provide customers with the WMC services - Southbound by leveraging the bank group’s great advantages in the Greater Bay Area (“GBA”). Now the first batch of businesses of the bank has been completed and highly recognized by customers.
At present, BEA can provide customers with more than 100 WMC products (including funds and deposits). After applying for a special personal account at the designated outlets of BEA China, qualified customers in Chinese mainland cities in the GBA can access to a wide range of cross-boundary investment opportunities by investing in WMC Southbound products at anytime and anywhere through the mobile banking.
BEA and BEA China have a well-established network for customers in the GBA, with more than 80 branches covering all of the GBA’s “9+2” cities. BEA’s 11 cross-boundary centres in Hong Kong provide dedicated expertise to meet the specific needs of cross-boundary customers. With advanced digital capabilities including the mobile banking, Cyberbanking, and WeChat banking, BEA offers customers instant access to a comprehensive range of banking services.
BEA’s new launch is expected to further drive its cross-boundary and wealth management business, especially with regard to SupremeGold and SupremeGold Private customers, who can now make cross-boundary investments more straightforwardly than ever before. BEA plans to hire 300 sales staff across the GBA in the coming three years to tap opportunities arising from the WMC and other developments in the area.