DBS Bank (Hong Kong) has partnered with the Postal Savings Bank of China (PSBC) to take part in the Wealth Management Connect scheme on Oct 19.
DBS Bank (Hong Kong) is the bank’s largest franchise outside of Singapore.
PSBC is a leading retail bank in China and is one of the largest state-owned banks in the country. The bank targets “sannong” customers and small and medium-sized enterprises (SMEs). “Sannong” refers to agriculture, rural areas and farmers.
According to the statement by DBS, both parties believe that the partnership will contribute to the acceleration of economic development in the Greater Bay Area (GBA).
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The partnership will help their customers meet their financial goals by providing them access to diversified investment products and solutions, as well as digital banking capabilities.
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“We are excited to partner with PSBC to develop a unique wealth management proposition for GBA customers. This strategic partnership creates mutually beneficial collaboration between PSBC and DBS Bank (Hong Kong),” says Sebastian Paredes, CEO of DBS Bank (Hong Kong).
“At the same time, it allows us to grow our GBA franchise, especially through PSBC’s extensive network in Guangdong. We expect to combine DBS’ strong Asian connectivity and digital capabilities to provide customers with a more diversified and holistic range of investment choices to achieve their financial goals,” he adds.
According to a spokesperson of Postal Savings Bank of China, the scheme “opens up a broader asset allocation market and brings in a new wave of business growth to the region’s banking and finance industry”.
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“Our partnership with DBS Bank (Hong Kong) is in accordance with the guidance requirements of the “Implementation Rules for the Guangdong-Hong Kong-Macau Greater Bay Area ‘Cross-Border Wealth Management Connect Pilot Scheme’” issued by the People’s Bank of China Guangzhou Branch, the Central Sub-Branch in Shenzhen and other regulatory bodies. Both banks will jointly provide more unique investment products for individual investors in GBA, contributing to the development of financial markets in the region,” says the spokesperson.
DBS Bank (Hong Kong) and PSBC were confirmed by the Hong Kong Monetary Authority and People’s Bank of China respectively as the participating banks of Wealth Management Connect on the same day.
Photo: DBS
