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Wealth Management Connect Northbound Scheme

Standard Chartered connects you to global opportunities as one of the first banks offering Wealth Management Connect Services

Looking for WMC Southbound Service (for Mainland investors)?

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WMC Smart Guide – Northbound Scheme Introduction

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 (“investment products”).

WMC is divided into “Northbound Scheme” and “Southbound Scheme”. “Northbound” allows Hong Kong and Macao investors to open personal investment accounts in local agency banks in the GBA, and remit funds through a closed-loop capital channel to purchase investment products sold by Mainland agency banks

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Eligible Northbound Scheme Investors

Requirements for HK/Macao investors:

(1) All Hong Kong residents who hold a Hong Kong identity card, including permanent and non-permanent residents, who are assessed by Hong Kong banks as not being a Vulnerable Customer can participate in the Northbound scheme;

(2) Investors of Northbound Scheme must invest in their personal capacity, but not as joint-name or corporate customers, and should not authorize a third party to operate the account.

Quota management

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 net capital inflow amount of Northbound Scheme is calculated as follows:

 

NET CAPITAL INFLOW AMOUNT OF NORTHBOUND SCHEME
=
CUMULATIVE CAPITAL INFLOW AMOUNT OF NORTHBOUND SCHEME
–
CUMULATIVE CAPITAL OUTFLOW AMOUNT OF NORTHBOUND SCHEME

When the cross-border net capital inflow amount under Northbound Scheme reaches its upper limit, the Mainland distributing banks can only proceed with outward cross-border remittance of Northbound Scheme. They cannot conduct inward cross-border remittance of Northbound Scheme.

2. Individual investor quota:

 

INDIVIDUAL NET CAPITAL INFLOW AMOUNT OF NORTHBOUND SCHEME
=
CUMULATIVE CAPITAL INFLOW AMOUNT OF NORTHBOUND SCHEME
–
“CUMULATIVE CAPITAL OUTFLOW AMOUNT OF NORTHBOUND SCHEME

RMB remittance to Mainland distributing banks under the Northbound Scheme is not subject to the daily maximum quota per person for individual Hong Kong and Macao residents’ inward remittance to bank accounts under the same name on the Mainland.

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.

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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1. Public fixed income wealth management products and equity wealth management products issued by Mainland wealth management firms (including Mainland banks’ subsidiary wealth management firms and joint ventures between Mainland banks and foreign partners) and being assessed by the issuers as products with risk rating of “R1” to “R3” (excluding wealth management products for the purpose of cash management)

2. Public securities investment funds being assessed by Mainland public fund managers and Mainland distributing banks as products with risk rating of “R1” to “R4”.

Account opening & services

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WMC Northbound Scheme

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”. “Northbound ” involves investors from Hong Kong and Macao to open personal investment accounts with Mainland distributing banks in the GBA, and personal remittance accounts with banks in Hong Kong, and remit funds through a closed-loop capital channel to purchase investment products sold by Mainland 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 Northbound Scheme.

The WMC Northbound Scheme services are currently available in SCB China’s branches in Shenzhen, Guangzhou and Zhuhai.

List of application materials for “Northbound Scheme”

REQUIREMENTS FOR OPENING A SPECIAL REMITTANCE ACCOUNT IN SCB HK
DOCUMENTS REQUIRED FOR APPLICATION
  • All Hong Kong residents who hold a Hong Kong Identity Card, including permanent and non-permanent residents;
  • Investors of Northbound Scheme should invest in their personal capacity, but not as joint-name or corporate customers, and should not authorize a third party to operate the account;
  • One investor can only open one special remittance account and one special investment account through a partner bank in the Mainland;
  • Not being a “Vulnerable Customer” by Hong Kong banks. According to the relevant guidelines issued by the Hong Kong Monetary Authority, customers who have limited capability in understanding and accepting investment risks and potential losses may be regarded as “Vulnerable Customer”.
  • Hong Kong Identity Card
  • Mainland Travel Permit for Hong Kong and Macao Residents (i.e. Home Visit Permit)
  • Remark:
    • To deposit and withdraw funds from Northbound Scheme remittance account, please go to a SCB HK branches in person to transfer via a Standard Chartered savings account with the same name
Wealth Management Connect - Application procedure for northbound scheme
Wealth Management Connect - Application procedure for northbound scheme
ACCOUNT SERVICES AND RELATED OFFERS
NORTHBOUND SCHEME QUOTA MANAGEMENT
  • Remittance fee waiver:
    Northbound investors can enjoy fee waiver for RMB remittance between SCB China investment accounts and SCB HK remittance accounts (please select local and overseas fees to be paid by the remitter for the transfer fee category).
  • Eligible Priority Banking accounts can also enjoy a bundle of privileges
    Click for details
  • Northbound Scheme quota management

    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 Northbound Scheme = Cumulative remittances to the Mainland under the Northbound Scheme – Cumulative remittances from the Mainland under the Northbound 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 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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Appendix:

Products & markets

Products & Markets

•Financial management capabilities • Holistic investment allocation • Cross-border service integration

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Standard Chartered Bank (China)

Learn more about the eligible Northbound investment products offered by SCB China

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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