Ping An Bank launches cross-border wealth management services in the Grande Baie region
HONG KONG and SHANGHAI, 25 October 2021 / PRNewswire / – Ping An Insurance (Group) Company of China, Ltd. (hereinafter “Ping an“or the” Group “, HKEX: 02318; SSE: 601318) announced its subsidiary Ping a bank (SZ: 000001) launched services as part of the Cross-border Wealth Management Connect pilot program on October 19. The expansion of the Bank’s services opens a new chapter in the integration of Guangdong, Hong Kong and Macau, accelerating connectivity and the development of financial markets.
The cross-border WMC allows residents to Hong Kong, Macau and nine towns of Guangdong Province make cross-border investments in wealth management products distributed by banks in the area. Ping An Bank, one of the first banks to participate in the pilot project, received approval from the People’s Bank of China and the Hong Kong Monetary Authority on October 18.
The cross-border WMC includes the Southbound Scheme and the Northbound Scheme. In the Northbound diagram, Ping a bank offers high-end tailor-made wealth management products through its wealth management subsidiary Ping An Wealth Management. Ping a bank also partners with leading fund companies on the continent China, such as E Fund and ZO Asset Management, to select mutual funds with low subscription costs and quality service exclusively for Hong Kong and Macau clients. In the context of travel restrictions linked to COVID-19, the Bank allows Hong Kong and Macau customers who already have accounts with Ping a bank in the big bay area to sign an electronic agreement, link to the transfer account at OCBC Wing Hang Bank of Hong Kong, and activate the Northbound Scheme feature in the Ping An Pocket Bank app. They can then buy or repurchase national wealth management products on the continent China in line. It is not necessary to go to a bank branch. However, new customers must open a bank account by visiting a branch in the Grande Baie region in person.
For the Southbound Scheme, mainland investors can open a cross-border investment account via Ping a bank without traveling to Hong Kong Where Macau. They can then invest in qualifying wealth management products distributed by OCBC Wing Hang Bank of Hong Kong via the Ping An Pocket Bank app.
Ping a bank has its seat at Shenzhen. It has more than 200 offices in the Grande Baie region, including Canton, Zhuhai, Dongguan, Huizhou and Zhongshan. The Bank’s service team includes more than 100 investment advisers and 900 private bankers. Capitalizing on the technological prowess of the Ping An group, the bank provides online and intelligent cross-border financial products and services to the continent, Hong Kong and Macau investors.
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. (“Ping an“) is a leading technology-based retail financial services group. With more than 223 million retail customers and 627 million internet users, Ping an is one of the world’s largest financial services companies. Ping an focuses on two broad business areas, “pan financial assets” and “pan healthcare”, covering the provision of financial and healthcare services through our integrated financial services platform and ecosystems in financial services, health care, auto services and smart city services. Our “finance + technology” and “finance + ecosystem” transformation strategies aim to offer customers and Internet users innovative and simple products and services using technology. As from China first joint stock insurance company, Ping an is committed to upholding the highest standards in corporate reporting and corporate governance. The Group is listed on the stock exchange in Hong Kong and Shanghai. Ping an ranked 6e in the Forbes Global 2000 list in 2021 and ranked 16e in the Fortune Global 500 list in 2020. Ping an also ranked 49e in WPP 2021 Kantar Millward Brown BrandZMT List of the 100 most valuable global brands.
For more information, please visit www.group.pingan.com and follow us on LinkedIn – PING AN.
On Ping a bank
Ping An Bank Co., Ltd. (hereinafter “Ping a bank“, SZ: 000001) is a national joint-stock commercial bank headquartered in Shenzhen. It was previously known as Shenzhen Development Bank Co., Ltd. and renamed Ping a bank in July of the same year after the merger of the former Ping An Bank Co., Ltd. in June 2012. As at the end of June 2021, Ping a bank provides diversified financial services to businesses, retailers and government departments through 101 branches and 1,110 outlets across China.
SOURCE Ping An Insurance (Group) Company of China, Ltd.