HK and Chongqing launch cross-boundary data validation platform
Hong Kong and Chongqing have launched a blockchain-based cross-boundary data validation platform to verify financial data without transferring original documents. The platform, operated by Chongqing Credit and WeBank Technology Services, will initially support banking services such as account openin
The Hong Kong Monetary Authority (HKMA) and Chongqing authorities on Wednesday launched the Chongqing-Hong Kong Cross-boundary Data Validation Platform, a blockchain-based system that verifies data without transferring or storing original documents, reducing compliance and privacy risks in cross-border settlement.
The platform is operated by Chongqing Credit and WeBank Technology Services, a unit of Tencent-backed WeBank. It will initially focus on financial applications between the two cities, with local banks developing use cases to validate northbound and southbound data flows, the HKMA said. This will help clients access banking services such as account opening and loan applications.
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."
The technology has been proven on the Shenzhen-Hong Kong Cross-boundary Data Validation Platform, a pilot launched in May 2024 and connected to the HKMA's commercial data interchange in April 2025. That platform has recorded more than 40,000 usages, serving over 10 banks across more than 10 business scenarios, the HKMA said.
The HKMA said it is committed to creating next-generation data infrastructure under the Fintech 2030 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.
