DBS, Shenzhen Rural Commercial Bank to offer Wealth Mgmt Connect Southbound services 

DBS Hong Kong said that 80% of WMC Southbound service clients are new customers.

DBS Bank (Hong Kong) and Shenzhen Rural Commercial Bank Corporation (SRCB) have teamed up to provide Greater Bay Area (GBA) mainland investors with Wealth Management Connect (WMC) Southbound services.
 
Southbound customers banking with DBS Bank (Hong Kong) will be able to benefit from digital account opening services anytime, anywhere. Customers can tap into the benefits of the WMC Southbound services once their accounts are verified.
 
This marks DBS Hong Kong’s third Southbound partner under the WMC scheme. 
 
The bank shared that since launching WMC services in October, over 80% of the bank’s WMC Southbound service clients are completely new customers to the bank. Average total amount invested per WMC customer is over RMB 130,000–more than eight times higher than the RMB 16,365 market average.