At the beginning of 2024, Bank of China (Hong Kong) (BOCHK) rolled out several enhancements with Wealth Management Connect 2.0, including a 60% increase in available products, bringing the total to around 300 in the southbound connect. In addition, the bank also expanded the eligible product range in the northbound connect.
These developments lead to BOCHK achieving its record-high performance in its cross-boundary WMC business as WMC entered its 2.0 phase.
Moreover, the bank introduced over 80 renminbi funds to southbound WMC customers, making it a leader in the number of such fund offerings. Additionally, new account openings increased fourfold year on year, and the annual southbound WMC fund transaction amount saw a 10-fold increase.
To further support WMC customers, BOCHK launched a new cross-border subsidiary brand – called BOCHK Cross-Border GO – that offers a one-stop service for wealth management, account opening, payments, Greater Bay Area loans and insurance services.
BOCHK also embraced digitalization to boost its GBA business. The bank enhanced its remote transaction capabilities, enabling clients to receive professional wealth-planning advice and complete transactions without visiting a branch through its relationship manager chat feature, called RM Chat.
Finally, the bank expanded its mobile platform's bond-trading function, offering a wider range of investment products, including government bonds and deposits in over 10 currencies.