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Person, Human, Clothing

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

Northbound

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 or 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) (“SCB China”) Limited which will act us our Mainland partner bank for the the Northbound Scheme.

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

List of application materials for “Northbound Scheme”

Requirements for opening a special Remittance Account in SCB HK

  • 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 Mainland China;
  • 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”.

Documents required for application

  • 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

Application procedure for Northbound Scheme

Remarks:

  1. The actual processing time may be shortened or extended due to the actual situation of the client.
  2. Clients can visit Standard Chartered (China) Greater Bay sub-branches to complete the Customer Investment Evaluation (CIP), log in to online banking or mobile banking to complete the first CIP creation.
  3. Expected time account opening time is an estimated operating time in an ideal state and does not represent a service commitment. Remittance and related transaction can only be performed after the successful pairing of both dedicated accounts in both places. If the pairing is completed at the end of T+1 working day, the time for remittance and transaction will be postponed to T+3 working days.
Application procedure for Northbound Scheme

Remarks:

  1. The actual processing time may be shortened or extended due to the actual situation of the client.
  2. Expected time account opening time is an estimated operating time in an ideal state and does not represent a service commitment. Remittance and related transaction can only be performed after the successful pairing of both dedicated accounts in both places. If the pairing is completed at the end of T+1 working day, the time for remittance and transaction will be postponed to T+3 working days.

Account services and related offers

  • 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

Northbound Scheme quota management

  • Northbound Scheme quota management

    The proposed aggregate quota for Northbound Scheme is RMB 150 billion, while the investment quota for each investor is RMB 1 million.

    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 HK”). 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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