London Daily

Focus on the big picture.
Thursday, Oct 23, 2025

Hong Kong wealth managers can’t wait for new Connect programme, with Singapore ready to pounce on city’s troubles

Cross-border Wealth Management Connect seen boosting Hong Kong fund managers like stock and bond programmes. Recent updates from HKMA suggests programme launch is imminent, sources say

China’s plan to turn the Greater Bay Area into a hub for wealth management products will help turbocharge Hong Kong’s fund industry, giving it an invaluable edge in warding off challenges from Singapore, market players said.

While Singapore is firmly entrenched in Southeast Asia, the former British colony could stake in a leading role in the broader Asian region with the opening up of the Greater Bay Area in the coming years, according to the Hong Kong Investment Funds Association (HKIFA).

“The Wealth Management Connect will expand the customer size of Hong Kong fund houses by 10 times,” Chairman Bruno Lee said in an interview with the Post. “This will be an important driving force to help Hong Kong to win over Singapore as a leading hub in Asia.”

The programme cannot come soon enough for the city whose future has been clouded by back-to-back turmoil, first from the anti-government protests last year and now the controversy over the national security law. Singapore, a perennial rival and a pillar of stability, is seen as benefiting from capital outflows from Hong Kong.

The new Connect programme will be the fourth China-Hong Kong cross-border financial plan, after the introduction of several stock and bond connections between 2014 and 2017. Mainland investors now contribute 5 to 10 per cent of daily stock transactions on the Hong Kong stock exchange, according to market data.

“These previous connect schemes have proven to be successful for their high turnover,” Lee said. “We expect the new wealth management scheme will follow the same growth pattern.”

The People’s Bank of China and financial market regulators first unveiled the proposal in 2019 and elaborated on the idea last month for a region that integrates nine southern Chinese cities with Hong Kong and Macau.

The plan seeks to reduce cross-border rules for 70 million residents in the 11 cities to access wealth products such as mutual funds amid an expected increase in the number of millionaires in a region with an estimated US$1.5 trillion (HK$11.6 trillion) in output, or as large as the Russian or South Korean economy.

Lee said the association has presented its “wish list” to the Hong Kong government. It includes allowing more than 2,000 products currently authorised by the Securities and Futures Commission to be sold to mainlanders.

“We also want to see a big quota for the whole scheme, and no cap on individual fund sales,” Lee added.

The southern Guangdong province, where the nine bay-area cities are located, has the second-highest number of mainland households with investible assets of over 6 million yuan (US$848,163), behind Beijing, according to the Hurun Institute.

The Wealth Management Connect will fuel assets under management in Hong Kong over the next decade, with global private banks and big players such as UBS and HSBC likely to tap into the bay area opportunities, according to a Bloomberg Intelligence report.

The Hong Kong Monetary Authority is working on the details of the scheme, according to the de facto central bank on its website. However, no tentative launch date has been announced.

About one-third of Hong Kong-based fund managers expect their assets under management from mainlanders to grow by 30 per cent between now and 2025, according to a survey by HKIFA and accounting firm KPMG last week.

There was US$3.25 trillion of investible wealth in Hong Kong in 2018, of which US$1.3 trillion came from cross-border sources, the Financial Services Development Council, a government body, said in February citing third-party data. The figures for Singapore were US$1.67 trillion and US$1 trillion, respectively.

As the first connect scheme for the Bay area becomes a test bed for financial integration, China may require Hong Kong-based fund managers to offer investment education and advisory services to mainlanders, said Christine Lin, a partner at consultancy firm EY.

BEA Union Investment, a Hong Kong-based fund house, is among money managers eyeing the growth potential, Chief Executive Eleanor Wan said.

“Wealth Management Connect has strategic importance for GBA to substantially increase opportunities for individual investors, industry players and talents,” she said. The programme can build on the existing strength of Hong Kong as a financial services hub, she added.




Newsletter

Related Articles

0:00
0:00
Close
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
×