HKMA plans Wealth Connect 3.0 expansion

The Hong Kong Monetary Authority (HKMA) is preparing to launch ‘Wealth Connect 3.0’, an upgraded version of its cross-border wealth-management scheme that will raise quotas, expand product offerings, and potentially extend to regions beyond the Greater Bay Area, according to its chief executive Eddie Yue. Speaking at the HSBC Global Investment Summit, Yue said the move aims to meet the growing demand for diversification among Chinese investors. The Wealth Management Connect, launched in 2021, has faced criticism for its limited product range, restrictive eligibility, and complex sales processes. Yue acknowledged these challenges and emphasised that the forthcoming enhancements will address these issues while considering a broader geographical rollout across mainland China.