Secretary for Financial Services & the Treasury Christopher Hui Ching-yu delivers a speech during the inauguration of the Hong Kong Academy for Wealth Legacy on Nov 14, 2023. (ANDY CHONG / CHINA DAILY)

HONG KONG - The Cross-boundary Wealth Management Connect Scheme continues to grow steadily with more than 60,000 individuals investing over RMB7.37 billion ($945 million) as of end of September, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said Wednesday.

Answering a query at the Legislative Council, Hui said 24 eligible Hong Kong banks have started WMC services with their mainland partner banks with more than more than 32,000 cross-boundary fund remittances (covering Hong Kong and Macao) recorded.

Investment products of Hong Kong and Macao held by mainland investors under Cross-boundary WMC stood at around RMB1.88 billion, including funds at around RMB26 million, bonds at around RMB7 million and deposits at around RMB1.847 billion, Hui said

The program allows Hong Kong and Macao residents to invest in China onshore investment products through banks in the Guangdong- Hong Kong- Macao Greater Bay Area, while residents of nine cities in Guangdong province can invest in Hong Kong and Macao wealth products through local lending institutions.

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“Cross-boundary WMC provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diverse wealth management products,” Hui said.

“It is a milestone in the financial development of the GBA and an important measure that deepens and widens mutual access between the financial markets of the mainland and Hong Kong,” he added.

Hui said mainland investment products held by Hong Kong and Macao investors under the scheme stood at around RMB224 million, including wealth management products at around RMB150 million and funds at around RMB74 million.

Investment products of Hong Kong and Macao held by mainland investors stood at around RMB1.88 billion, including funds at around RMB26 million, bonds at around RMB7 million and deposits at around RMB1.847 billion, he said.

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Hui said the program was launched during the pandemic when travel restrictions considerably affected the readiness and convenience of cross-boundary investments.

“Besides, since it was the first time for many investors to participate in cross-boundary investments, it took time for them to understand the new investment channel, relevant products and the macro environment,” Hui said, adding that the Hong Kong Monetary Authority and the Securities and Futures Commission have enhanced investor education efforts.

He also that regulators are maintaining close collaboration and seeking flexibility for policy formulation and implementation.