Banks in Hong Kong including HSBC and Standard Chartered Bank are rolling out more products tied to the Wealth Management Connect scheme amid a drive by Beijing to boost the Greater Bay Area's financial markets and promote capital flow across borders.

Their moves come a month after the People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) announced six measures to strengthen financial cooperation between the mainland and Hong Kong.

One of those was to enhance the cross-boundary Wealth Management Connect scheme in the bay area development zone.

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Launched in 2021, the mechanism allows residents of Hong Kong, Macau and nine cities in Guangdong province to invest directly in designated wealth management products across borders.

New rules took effect on February 26 raising the individual investment quota from 1 million yuan (US$138,923) to 3 million yuan and adding yuan-denominated deposit products of mainland banks - moves viewed by lenders as creating more business opportunities.

HSBC announced on Monday that it has increased the number of products it offers for both northbound and southbound investments via the scheme to over 400 from 270.

The expanded product offerings include more than 100 mutual funds investing in Asia and global markets, allowing southbound investors - those in mainland China eyeing Hong Kong's capital markets - to diversify their portfolios and tap international assets.

The lender's enhancements, effective from Monday, allow all existing retail investors to invest up to 3 million yuan through the scheme, up from 1 million previously, the bank said in a press release.

"The latest enhancement to the [Wealth Management Connect mechanism] has further increased the attractiveness of the scheme, fuelling investments and promoting even deeper integration of the financial sector in the GBA," said Daniel Chan, head of the Greater Bay Area at HSBC.

A recent survey conducted by the lender found that roughly two-thirds of over 2,000 residents in the 11 cities of the bay area believed improvements to the cross-border scheme, including a relaxed entry threshold, more diverse investment options, and the higher individual investment quota, will encourage them to start investing via the scheme or up their existing investments.

Chan said wealth planning and advisory services are key factors in driving retail participation in the scheme.