Cross-boundary WMC – Account opening, remittance and investment process (Northbound Scheme)

• Hong Kong investors can open a "dedicated remittance account" and a "dedicated investment account" through the following channels.
  • Choose an eligible Hong Kong bank to open a new bank account with remittance function as the "dedicated remittance account", or designate an account maintained with the Hong Kong bank as a "dedicated remittance account"; and choose a Mainland bank partnering with the Hong Kong bank to open an account with investment function as the "dedicated investment account", or designate an account maintained with the same Mainland partner bank as a "dedicated investment account".
  • Choose an eligible Hong Kong broker to open the "dedicated remittance account" and choose a Mainland broker partnering with the Hong Kong broker to open the "dedicated investment account".
  • Simultaneously choose an eligible Hong Kong bank and an eligible Hong Kong broker to open the "dedicated remittance account", and choose a Mainland partner bank and a Mainland partner broker to open the "dedicated investment account",
• The relevant banks and/or brokers in both places will pair the dedicated remittance account in Hong Kong with the dedicated investment account on the Mainland.

• All cross-boundary remittances between the dedicated remittance account and the dedicated investment account should be conducted in renminbi via the Cross-border Interbank Payment System (CIPS).
• Investors may use their own renminbi funds to invest or exchange for renminbi funds in Hong Kong’s offshore market, and then deposit or transfer the renminbi to the dedicated remittance account. Banks/ brokers can arrange for the conversion of funds deposited by investors into renminbi funds.
• Remit renminbi funds to the dedicated investment account on the Mainland via the dedicated remittance account in Hong Kong. For the quota amount, please refer to Quota management.

• Purchase eligible investment products distributed by the Mainland partner bank and/or broker via the dedicated investment account.
• In general, Hong Kong investors may log onto the online or mobile platform of the Mainland partner banks and brokers to browse further product information under the Northbound Scheme, give instructions to trade eligible investment products and remit the funds back to the Hong Kong dedicated remittance account.
• Hong Kong investors may seek further information from participating Hong Kong and Mainland banks and brokers of the Northbound Scheme on the operation of the Northbound Scheme and the products and/or services offered by individual banks and brokers under the Northbound Scheme.

Investors should be aware that they can only maintain one "dedicated remittance account" at a Hong Kong bank and one "dedicated investment account" at a Mainland partner bank, and/or maintain one "dedicated remittance account" at a Hong Kong broker and one "dedicated investment account" at a Mainland partner broker at all times. If investors are found to have violated requirements, the banks and brokers will take follow-up actions regarding the non-compliance, including but not limited to suspension of the investor from engaging in the Northbound Scheme; disposal of the products held by the investor and termination of his/her dedicated investment account and dedicated remittance account; or allowing the investor to hold the products until redemption at maturity while forbidding investment in any new products.