Licenses for two major banking wealth management businesses quietly opened up

Golden Ten Data reported on June 17 that the bank wealth management sector has received positive news, with two major business qualifications quietly being opened recently. For the first time, bank wealth management companies have been granted access to the interbank foreign exchange market and completed their first transaction with wealth management funds on this market on June 16. At the same time, three wealth management companies have quietly received approval as initial participants in the Bond Connect “Southbound” scheme, with the first transaction completed at the end of last month.Specifically, the first interbank foreign currency pair transaction conducted by bank wealth management was between BOC Wealth Management and Bank of China on the foreign exchange trading center platform, trading USD/CHF in both spot and forward instruments. For the first transaction under the Bond Connect “Southbound” channel, CMB Wealth Management and the Hong Kong branch of Bank of Communications jointly completed the deal. According to Bank of Communications Hong Kong branch, following the expansion of eligible participants in the Bond Connect “Southbound” scheme, the branch proactively engaged with wealth management companies and rapidly completed the relevant preparation procedures for trading. In addition, industry sources have confirmed that the other two wealth management companies granted initial Bond Connect “Southbound” qualifications are both subsidiaries of state-owned banks.