Improvements to the Wealth Management Connect scheme in February have proven to be a game-changer, with investment via the cross-border trading channel jumping by four times between January and April, according to the government data and industry players.

The amount of money traded under the scheme quadrupled to 50.7 billion yuan (US$7 billion) in the first four months of the year, while the number of investors using it rose 60 per cent to 110,000, according to government data.

ICBC Asia, a key user of the mechanism, has seen a fourfold increase in the number of customers opening accounts under the initiative and a tenfold leap in assets under management since measures to enhance it were introduced by Beijing, said Jimmy Jim Wai-kee, managing executive officer and head of the lender's global market department.

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"We were very happy to see the enhancements of the Wealth Management Connect scheme," Jim said in an interview on the sidelines of the South China Morning Post's China Conference on Thursday.

"People are really making use of the cross-border scheme to capture the opportunity offshore, namely in Hong Kong and in international markets. The demand is huge."

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.

However, sales were initially poor because of the pandemic, while tough restrictions and a limited choice of products also deterred investors.

New rules took effect on February 26 raising the individual investment quota from 1 million yuan (US$140,000) to 3 million yuan and adding yuan-denominated deposit products offered by mainland banks - moves viewed by lenders as creating more business opportunities.

Dubbed Wealth Management Connect 2.0, the new improved mechanism boasted a broader selection of sales products, including China equity funds. Jim said this was important because it enabled the bank to add more fund choices for investors.

He hopes to see the scheme further improved to strengthen the role of Hong Kong in capturing the growing demand from mainland investors.

"Given China has the highest amount of savings in the world, there is a lot of money. Hong Kong plays a very important role in connecting mainland investors with the world, as well as international investors with the onshore market," he said.