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GBA Delight series of perspectives

GBA DeLight is a new quarterly series of perspectives brought to you by the Deloitte China GBA Center of Excellence with a focus of financial services industry.

As the title suggests, GBA DeLight sheds light on the latest developments in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) and presents our industry-leading insights and points of view on what’s hot in the region and matters most to financial institutions and practitioners – from the market environment, business strategy, technology trends and solutions, to regulatory compliance, operations optimization and product innovation.

We are delighted that this inaugural issue coincides with a major milestone in the GBA development – the official launch of the long-awaited GBA Wealth Management Connect (WMC) Pilot, which was announced on 10 September 2021.

As a key innovative initiative in the further opening-up of financial markets and an enabler of another form of connectivity between the Chinese Mainland, Hong Kong and Macau markets, WMC allows investors to allocate their wealth to cross-boundary investment products, and marks a further step forward in the opening-up of individuals’ capital accounts within the GBA mainland cities in an orderly, secure manner.

The business opportunities arising from WMC are exciting to many banks and wealth managers, particularly those that are set to launch WMC businesses during the pilot stage. Furthermore, most industry players are already eyeing the longer-term opportunities from the further opening-up of Chinese Mainland individuals’ capital accounts.

The successful launch of WMC during its pilot phase and beyond is critical to determining whether there can be further initiatives to deepen cross-boundary financial services and GBA financial market integration. It is also a great opportunity for banks that are able to run successful WMC businesses to demonstrate their GBA market expertise, robust cross-boundary compliance capabilities, and effective operations in supporting cross-boundary business. These achievements will form an impressive credential that will gain the trust and confidence of clients and regulators if these banks launch further cross-boundary businesses.

We are pleased to share our industry knowledge and expertise, and help you address potential challenges in your WMC journey – setting you on the path to a delightful success!

1st GBA DeLight Key topics:

Macroeconomics
14th Five-year Plan: Sustainable and Quality Growth Banking
Banking
Top 3 questions and 12 must-dos for banks in WMC
Technology
Key considerations in tech upgrade for cross-boundary business
Tax
Calling for tax incentives to benefit WMC investors

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