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 Tencent Cloud
Supports Hong Kong Financial Institutions to Harness
GBA Opportunities
Aside from Hong Kong and Macau, the nine cities in the Greater Bay Area (GBA) account for 85% of Guangdong’s economic output. Guangdong leads the country in provincial GDP volume (USD1.5 trillion) and is currently the fourth largest sub-national economy in the world. Its per capita disposable income has surged 130% over the past decade. After Beijing, Guangdong ranks second in terms of household wealth accumulation in Mainland China. According to the 2020 Hurun Wealth Report, the number of “rich families” with RMB6 million assets in Mainland China exceeded five million for the first time; an increase of 1.4% over the previous year, with an estimated 20% of them residing in the GBA. In the next 10 years, it is expected that families and individuals in Mainland China will pass on RMB17 trillion of wealth from one generation to the next. This growing wealth is fuelling increased demand for wealth management products and services.
The importance of digitalisation for Hong Kong financial institutions to tap into GBA opportunities
Mainland consumers are some of the world’s most digitally savvy individuals with mobile connection at 111.8% of the population (versus 66% globally). On average, individuals spend over five hours
daily making use of the internet. They also show
a preference for using the WeChat Mini Program instead of downloading APPs. When it comes to wealth management, according to the Bain & Company 2020 GBA Survey on Wealth Management, out of those GBA Mainland consumers who have not invested in Hong Kong wealth management products, 70% are interested in purchasing a wealth management product in the next three years. Significantly, the survey findings show when purchasing cross-boundary wealth management and insurance products, consumers have a higher preference for using digital platforms.
ISSUE 119 • 2021

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