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WMC Smart Guide – Southbound Scheme Introduction
WMC will provide investors from Hong Kong, Macao and Mainland China in the GuangdongHong KongMacao Greater Bay Area (“GBA”) with a closed-loop capital channel, allowing them to access crossborder investment counterparties through the regional banking system, and eligible investment products or wealth management products sold by banks (“investment products”).
WMC is divided into “Northbound Scheme” and “Southbound Scheme”. “Southbound ” involves investors from the GBA to open personal investment accounts with Hong Kong and Macao banks, and remit funds through a closed-loop capital channel to purchase eligible investment products sold by Hong Kong and Macao banks
To sign up for Southbound Scheme, Mainland investors must fulfil the following requirements:
(1) Have full capacity for civil conduct;
(2) Being residents registered in the nine GBA cities, or with record of social security contribution or individual income tax payment in the nine GBA cities for 2 consecutive years;
(3) WITH 2 YEARS OR MORE EXPERIENCE IN INVESTMENT, FULFILLING ONE OF THE FOLLOWING THREE REQUIREMENTS:
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|---|---|---|
| Net month-end household financial assets over the past 3 months | ≥ | RMB 1 million |
| Month-end household financial assets ≥ RMB 2 million | ≥ | RMB 2 million |
| Average annual income in the past three years no less than RMB 400,000 | ||
The proposed aggregate quota for Southbound Scheme is RMB150 billion; while the investment quota of each individual investor is RMB 3 Million or RMB 1.5 million each if simultaneously selects both a bank and a securities firm.
1. Aggregate quota: The usage of the aggregate quota under the Southbound Scheme is calculated as follows:
ET CAPITAL OUTFLOW AMOUNT OF SOUTHBOUND SCHEME | = | CUMULATIVE CAPITAL OUTFLOW AMOUNT OF SOUTHBOUND SCHEME | – | CUMULATIVE CAPITAL INFLOW AMOUNT OF SOUTHBOUND SCHEM |
|---|
When the cross-border net capital outflow amount under Southbound Scheme reaches its upper limit, the Mainland partner banks can only proceed with inward cross-border remittance of Southbound Scheme. They cannot conduct outward cross-border remittance of Southbound Scheme.
2. Individual investor quota:
NDIVIDUAL NET CAPITAL OUTFLOW AMOUNT OF SOUTHBOUND SCHEME | = | CUMULATIVE CAPITAL OUTFLOW AMOUNT OF SOUTHBOUND SCHEME | – | CUMULATIVE CAPITAL INFLOW AMOUNT OF SOUTHBOUND SCHEME |
|---|
All cross-boundary remittances are subject to the aggregate quota and individual quota under applicable regulations and other requirements prescribed by the Bank from time to time. If the investor plans to remit an amount that exceeds his personal remaining available quota or the official website of the People’s Bank of China shows that the total quota has been used up to 100%, the Bank may refuse to remit the funds.
Thank you for your support to Standard Chartered Bank, we are always looking forward to hearing your feedback
WMC Service Hotline: (852) 2886 6288
Inquiry Telephone Number from China: 400 842 7564
If you have any complaints or suggestions, please call the Standard Chartered Customer Hotline:(852) 2282 6099
Standard Chartered Bank (China) Limited (“SCB China”) was established in Mainland China and is a subsidiary of Standard Chartered Bank (Hong Kong) Limited (“SCB Hong Kong”). SCB China is not an authorized institution in Hong Kong under the “Banking Regulations” promulgated by the Hong Kong Monetary Authority and is not subject to the supervision of the Hong Kong Monetary Authority. SCB China cannot conduct banking business or accept deposits in Hong Kong. Any deposits in the SCB China are protected by the “Deposit Insurance Regulations of the People’s Republic of China” and not protected by Hong Kong’s deposit protection plan.
Eligible wealth management products under the Southbound Scheme include:
Investment products *
1. All funds domiciled in Hong Kong and authorized by the SFC, primarily investing in Greater China equity and assessed as “non-complex” by Hong Kong banks distributing such products;
2. Except for the funds specified in item (1), funds that are domiciled in Hong Kong and authorized by the SFC and are assessed as “low” risk to “medium-high” risk and “non-complex” by Hong Kong banks distributing such products, excluding high-yield bond funds and single emerging market equity funds;
3. Bonds assessed as “low” risk to “medium” risk and “non-complex” by Hong Kong banks distributing such products;
4. Non-SFO-regulated Structured Deposit that is principal-protected and assessed as “low” risk to “medium” risk by the Hong Kong bank distributing such products.
Deposits **
5. RMB, Hong Kong dollar and foreign currency deposits.
* Investment products excluding investment products listed and traded on the Hong Kong Exchanges and Clearing Limited
** Deposits as referred does not include structured deposits.
WMC Smart Guide — Southbound Scheme Account Opening
Taking advantage of its comprehensive network, extensive wealth management experience and cutting-edge digital platform, Standard Chartered Bank hails progress in expanding its cross-border banking business, connecting clients to endless new opportunities arising from WMC .
WMC will enable residents in the GBA to access eligible investment/wealth management products sold by banks in the GBA. WMC is divided into “Northbound Scheme” and “Southbound Scheme”, of which “Southbound Scheme” involves Mainland investors from the GBA to open personal investment accounts in HK-Macao distrubuting banks and remit funds via a closed-loop capital channel, and to purchase investment products sold by HK-Macao distributing banks. Standard Chartered Bank (Hong Kong) Limited (“SCB HK”) has reached a cooperation with Standard Chartered Bank (China) Limited which will act us our Mainland partner bank for the Southbound Scheme.
The WMC Southbound Scheme services are currently available in SCB China’s branches in Shenzhen, Guangzhou and Zhuhai.
ACCOUNT SERVICES AND RELATED OFFERS | ACCOUNT SERVICES AND RELATED OFFERS |
|---|---|
Remittance fee waiver: Southbound Scheme investors can enjoy fee waiver for RMB remittances between Mainland partner bank Remittance Accounts and SCB HK Investment Accounts (please select local and overseas fees to be paid by the remitter for the transfer fee category, the remitter needs to choose Our, and the transfer fee is paid by the remitter). Integrated wealth management service fee waiver: Clients who choose to open a Priority Banking account at Standard Chartered and successfully sign up for WMC services can enjoy maintenance fee waiver for the four quarters in the first year. Eligible Priority Banking accounts can also enjoy a bundle of privileges | Aggregate quota management for Southbound Scheme The proposed aggregate quota for Southbound Scheme is RMB150 billion; while the investment quota of each individual investor is RMB 3 Million or RMB 1.5 million each if simultaneously selects both a bank and a securities firm. Usage of the individual quota under the Southbound Scheme = Cumulative remittances to Hong Kong and Macao from the Mainland under the Southbound Scheme – Cumulative remittances to the Mainland from Hong Kong and Macao under the Southbound Scheme All cross-border remittances are subject to the aggregate quota and individual quota under applicable regulations and other requirements prescribed by the Bank from time to time. If the amount that the investor plans to remit exceeds the remaining usage of his/her individual quota, the Bank may refuse to remit the funds, or only remit the remaining usage of the individual quota. |
Consultation and complaint hotline
Thank you for your support to Standard Chartered Bank, we are always looking forward to hearing your feedback
WMC Service Hotline: (852) 2886 6288
Inquiry Telephone Number from China: 400 842 7564
If you have any complaints or suggestions, please call the Standard Chartered Customer Hotline:(852) 2282 6099
Standard Chartered Bank (China) Limited (“SCB China”) was established in Mainland China and is a subsidiary of Standard Chartered Bank (Hong Kong) Limited (“SCB Hong Kong”). SCB China is not an authorized institution in Hong Kong under the “Banking Regulations” promulgated by the Hong Kong Monetary Authority and is not subject to the supervision of the Hong Kong Monetary Authority. SCB China cannot conduct banking business or accept deposits in Hong Kong. Any deposits in the SCB China are protected by the “Deposit Insurance Regulations of the People’s Republic of China” and not protected by Hong Kong’s deposit protection plan.
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Southbound scheme eligible products:
Deposits: Offer 11 major currencies for selection, including HKD, USD, CNY, AUD, NZD, CAD, GBP, EUR, CHF, JPY and SGD*
Investment Fund: types of eligible funds include Bond Funds, Balanced Funds, Equities Fund and Money Market Funds. Currencies include AUD, CAD, EUR, GBP, HKD, NZD, RMB, SGD, USD.
Bond: Eligible bonds issued by governments, quasi-government bodies and well-known organisations around the world.
* Not applicable for Time Deposit
Standard Chartered Hong Kong herein refers to Standard Chartered Bank (Hong Kong) Limited;
1. WMC will provide investors from Hong Kong, Macao and Mainland China in the GBA with a closed-loop capital channel, allowing them to access cross‑border investment counterparties through the regional banking system, and eligible investment products or wealth management products sold by banks. WMC is divided into “Northbound Scheme” and “Southbound Scheme”.
2. This page and all descriptions and introductions of Standard Chartered Bank regarding WMC do not constitute any solicitation or recommendation, and are subject to change upon updates of the relevant regulations and rules. All introductions do not represent any invitation/offer or promotion to the public regarding a specific product or service by the Bank or any entity;
3. Standard Chartered Bank is not an agent or representative of any China banks in Hong Kong and Macao.
4. Wealth management products are not deposit products and involve risks. Please be careful when making your investment decision.
