Days before the 23rd anniversary of Hong Kong's return to Mainland China, on 29 June 2020, the People's Bank of China, the Hong Kong Monetary Authority, and the Monetary Authority of Macao jointly issued an announcement on the launch of a cross-boundary wealth management connect pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (the "Wealth Management Connect"). The Wealth Management Connect was officially proposed by the Opinions on Financial Support for Guangdong-Hong Kong-Macao Greater Bay Area jointly issued by the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange on April 24, 2020, and it embarks on a new cross-boundary connect scheme following the Shanghai/Shenzhen-Hong Kong Stock Connect, the Bond Connect, the China-Japan ETF Connect, and the Shanghai-London Stock Connect. In contrast to earlier connect schemes, the Wealth Management Connect is intended to link three jurisdictions under one scheme and will not involve intermediary platforms, such as stock exchanges under the Stock Connects or CFETS and offshore electronic bond trading platforms under the Bond Connect.