The Hong Kong and Chongqing authorities announced on Wednesday the launch of the Chongqing-Hong Kong Cross-boundary Data Validation Platform.
Powered by blockchain technology and data coding–hash values, the platform can verify data submitted by users without cross-border transfer or storage of the original documents, which reduces compliance and data privacy risks during cross-border settlement.
Operated by Chongqing Credit and Hong Kong-based WeBank Technology Services, a unit of Tencent (0700)-backed WeBank, the platform will initially focus on financial applications between the two cities. Local banks are developing use cases to validate northbound and southbound data flows. This will help clients on both sides access a range of banking services, such as account opening and loan applications, Hong Kong Monetary Authority (HKMA) said.
Eddie Yue Wai-man, chief executive of the HKMA, said, "We will maintain close liaison with the relevant Mainland authorities, the banking industry, frontier technology companies and other stakeholders to continuously enhance the platform. This, in turn, will benefit residents and corporates from both places and support the development of the real economy."
These innovative technologies and mechanism have been tested and proven stable and effective on a similar one, the Shenzhen-Hong Kong Cross-boundary Data Validation Platform. As a pilot launched in May 2024 and connected to HKMA's commercial data interchange in April 2025, it has logged over 40,000 usages, serving more than 10 banks across more than 10 business scenarios, HKMA said.
The HKMA is committed to creating next-generation data infrastructure under the Fintech 2030, a strategy unveiled during Hong Kong Fintech Week 2025, to turn Hong Kong into a robust, future-ready international financial hub around four "DART" pillars: data infrastructure, artificial intelligence, resilience and tokenization, according to the authority.
Frank Feng
