21 October 2021 – DBS and OCBC have announced respective partnerships as part of the cross-border wealth management scheme between Hong Kong and China. DBS Bank (Hong Kong) will partner with the Postal Savings Bank of China, while OCBC Wing Hang Bank, OCBC’s Hong Kong subsidiary, has partnered with China’s Ping An Bank to provide wealth-management services in the Greater Bay Area under the Wealth Management Connect scheme. The link, which was announced in September, will allow residents of special administrative regions Hong Kong and Macau to buy investment products from the remaining nine Greater Bay Area cities, and vice-versa. A total of RMB 300 billion ($46.5 billion) has been set as the aggregate quota for the two-way channel – RMB 150 billion each – with a limit of RMB 1 million per individual investor.

Re-disseminated by The Asian Banker from DBS, with additional reporting from The Straits Times