07/02/23

HONG KONG: Jurisdiction pushes need for GBA finance service.

As published on thestandard.com.hk, Tuesday 7 February, 2023.

Seventy percent of Hongkongers have a demand for financial products and services in the Greater Bay Area and nearly half want to buy homes there, a survey commissioned by BOC Hong Kong (2388) shows.

BOCHK polled more than 2,700 Hong Kong residents aged 18 to 65 in January on their travel plans to the mainland and the demand for financial services in the area connecting Hong Kong, Macau and Guangdong province after the border reopened.

Seventy percent said they need financial products and services in the GBA for daily expenses, online shopping, wealth management and mortgage loans.

About 60 percent of those who intend to set up an account in mainland China but have not used online payment tools prefer to have their mainland bank account remotely.

For those who commute from Hong Kong and the mainland, they can link their mainland bank account to the major e-payment tools to pay digitally within the GBA.

The survey also found 46 percent of polled Hongkongers consider purchasing their properties in mainland cities within the GBA, in which they can live during holidays or after retirement. Shenzhen tops the list, followed by Guangzhou and Zhongshan.