Hainan Free Trade Port's Cross-border Asset Management Pilot Program is about to start, and banks are actively preparing to participate.

On August 4th, the General Office of the People's Government of Hainan Province issued the "Three-Year Action Plan for Accelerating the Construction of a Modern Industrial System with Characteristic and Advantageous Features in Hainan Province." It mentioned that Hainan will "take the lead in financial reform and trials. Promote the expansion of EF account pilot, improve the level of cross-border capital flow facilitation in Hainan Free Trade Port. Actively strive to implement cross-border asset management policy trials, support the development of cross-border funds central operation centers, and accelerate the construction of Hainan Free Trade Port cross-border fund monitoring platform." The cross-border asset management pilot is a two-way opening pilot business involving billions of RMB in the Hainan Free Trade Port, which has attracted attention from all parties, and is also an important part of the action plan. According to the Shanghai Securities News, the "Implementation Measures for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" will come into effect on August 21st, and the initial pilot period will last for 180 days from the effective date. It is understood that many banks are preparing to participate in the cross-border asset management pilot business. Hainan Bank plans to apply to participate in cross-border asset management business as a "pilot bank" and "sales institution," and is currently working on preparing application materials. In addition to Hainan Bank, various state-owned banks in Hainan and some joint-stock banks are also preparing to apply for cross-border asset management pilot business, mainly for the sale of securities and fund products.