The Hong Kong Special Administrative Region (HKSAR) government on Friday welcomed the announcements of the first batch of brokers eligible to participate in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Cross-boundary Wealth Management Connect Pilot Scheme.

Fourteen licensed corporations in Hong Kong are qualified to offer cross-boundary investment services for investors from the GBA, according to the Securities and Futures Commission of Hong Kong. They will work in partnership with brokers of the Chinese mainland confirmed by the China Securities Regulatory Commission.

A spokesperson for the HKSAR government said that the Wealth Management Connect has been growing steadily since its launch in September 2021, and measures commencing on Feb. 26 this year to enhance the scheme have received enthusiastic market response.

The first batch of brokers joining the scheme can help better satisfy GBA residents' demand for asset allocation and create more development opportunities for the industry, the spokesperson said.

This will strengthen Hong Kong's status as an international asset management center, the spokesperson added.