HSBC receive China domestic fund custody licence 01 November 2024China Reporter: Jack McRae
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HSBC China has received the domestic fund custody licence from the China Securities Regulatory Commission (CSRC).
The licence allows HSBC to provide custody services to onshore funds offered by fund and asset managers domiciled in mainland China.
The bank can directly provide custody services to locally-domiciled mutual funds, private funds, and private asset management schemes.
Fiona Horsewill, global head of securities services at HSBC, says: "HSBC is pleased to have been granted this domestic fund custody licence which allows us to better serve cross-border custody demands using our global network and expertise.
“As a trusted service provider, we'll be working to further enhance our local products and services for the benefit of onshore fund managers as well as our international clients."
Mark Wang, president and CEO of HSBC China, adds: "The new licence marks another milestone in HSBC's business developments in China, enabling us to participate more deeply in the market's capital market opening and to assist overseas investors to be a part of the vast opportunities that arise."
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