Cross-border data verification platform between Hong Kong and Chongqing officially begins operations
香港金融管理局欢迎渝港跨境数据验证平台投入运作
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The Yuzhou-Hong Kong Cross-border Data Verification Platform, jointly coordinated and built by the Hong Kong Monetary Authority and the Chongqing authorities, officially began operations on October 14. The platform uses blockchain technology and hash values to verify data brought by customers themselves, without involving the cross-border transmission or storage of original data files. The first phase focuses on cross-border financial scenarios, supporting banks in the two places in verifying two-way “northbound” and “southbound” data flows, and assisting customers with banking services such as account opening and loans.
The platform uses hash values to verify data brought by customers themselves without transmitting or storing the original data files, with the first phase covering cross-border banking scenarios such as account opening and loans.
Source:HKMA — Press releases (简体中文) · hkma.gov.hk