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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.

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

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.

Northbound Scheme capital flow mechanism
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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Northbound Scheme

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 “R3”.