HONG KONG and SHANGHAI, Oct. 25, 2021 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 02318; SSE: 601318) announced its subsidiary Ping An Bank (SZ:000001) has launched services under the Cross-boundary Wealth Management Connect pilot scheme on 19 October. The Bank's service expansion opens a new chapter in the integration of Guangdong, Hong Kong and Macao, accelerating the financial markets' connectivity and development.
The Cross-boundary WMC enables residents in Hong Kong, Macao and nine cities in Guangdong Province to make cross-boundary investments in wealth management products distributed by banks in the area. Ping An Bank, one of the first banks to participate in the pilot scheme, received approval from the People's Bank of China and the Hong Kong Monetary Authority on 18 October.
The Cross-boundary WMC includes the Southbound Scheme and the Northbound Scheme. In the Northbound Scheme, Ping An Bank offers fixed-income top wealth management products tailor-made by its wealth management subsidiary Ping An Wealth Management. Ping An Bank also partners with first-tier fund companies in mainland China, such as E Fund and ZO Asset Management, to select mutual funds with low subscription fees and quality service exclusively for Hong Kong and Macao clients. Amid COVID-19 travel restrictions, the Bank enables Hong Kong and Macao clients who already have accounts with Ping An Bank in the Greater Bay Area to sign an e-agreement, link to the transfer account at OCBC Wing Hang Bank of Hong Kong, and activate the Northbound Scheme function in the Ping An Pocket Bank app. They can then purchase or redeem domestic wealth management products in mainland China online. There is no need to visit to a bank branch. However, new customers must open a bank account by visiting a Greater Bay Area branch in person.
For the Southbound Scheme, Mainland investors can open a cross-border investment account through Ping An Bank without travelling to Hong Kong or Macao. They can then invest in eligible wealth management products distributed by OCBC Wing Hang Bank of Hong Kong via the Ping An Pocket Bank app.
Ping An Bank is headquartered in Shenzhen. It has more than 200 offices in the Greater Bay Area, including Guangzhou, Zhuhai, Dongguan, Huizhou and Zhongshan. The Bank's service team includes more than 100 investment advisors and 900 private bankers. Capitalizing on Ping An Group's technological prowess, the Bank provides online and smart cross-border financial products and service experiences to Mainland, Hong Kong and Macao investors .
About Ping An Group
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 223 million retail customers and 627 million internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, "pan financial assets" and "pan health care", covering the provision of financial and health care services through our integrated financial services platform and our ecosystems in financial services, health care, auto services and smart city services. Our "finance + technology" and "finance + ecosystem" transformation strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 6th in the Forbes Global 2000 list in 2021 and ranked 16th in the Fortune Global 500 list in 2020. Ping An also ranked 49th in the 2021 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.
For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.
About Ping An Bank
Ping An Bank Co., Ltd. (hereafter "Ping An Bank", SZ:000001) is a nationwide joint-stock commercial bank headquartered in Shenzhen. It was formerly known as Shenzhen Development Bank Co., Ltd. and renamed as Ping An Bank in July in the same year after the merger of former Ping An Bank Co., Ltd. in June 2012. As at the end of June 2021, Ping An Bank provides diversified financial services to enterprises, retailers and government departments through 101 branches and 1,110 outlets across China.
