Hong Kong Monetary Authority welcomes pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform

The authorities in Shenzhen and Hong Kong have announced the pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform. This platform utilizes blockchain technology and data coding for document verification without the need for cross-boundary transfer or storage of original documents. It provides a credible means for validating the authenticity of documents, enhancing trust in data transactions. The Hong Kong Monetary Authority (HKMA) has been actively collaborating with Mainland authorities to facilitate fintech innovation and cross-boundary data flow. The pilot trials of the platform will initially focus on cross-boundary use cases in the financial sector, such as validating credit referencing reports and account opening documents for corporate customers. The HKMA aims to promote secure and orderly cross-boundary data usage while complying with regulatory requirements, and will continue working with Mainland authorities to expand the trials and enhance industry engagement. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/05/20240506-4/