The Zhitong Finance App learned that on October 14, Chongqing and Hong Kong announced that the Chongqing-Hong Kong Cross-border Data Verification Platform (Chongqing and Hong Kong Platform) was officially put into operation. The new cross-border data verification mechanism jointly established with Chongqing is one of the measures in the “Chief Executive's 2026 Policy Address” to promote the orderly flow of financial elements between the two places. The Chongqing-Hong Kong Platform was established under the joint coordination of the Hong Kong Monetary Authority (HKMA), the Chongqing Branch of the People's Bank of China, the Chongqing Municipal Committee Finance Committee Office, the Chongqing Municipal Committee's Cyber Security and Information Technology Committee Office, and the Hong Kong and Macao Affairs Office of the Chongqing Municipal People's Government.
The Chongqing and Hong Kong platform uses blockchain technology and data codes (i.e. hash values) to verify the data carried by customers themselves. The process does not involve cross-border transmission and storage of the original data files. Relevant innovative technologies and mechanisms have been successfully applied to the Shenzhen-Hong Kong Cross-border Data Verification Platform, which has proven to be stable and effective.
The first phase of the Chongqing and Hong Kong platform will focus on the cross-border finance scenario. Banks in the two places are actively promoting northbound and southbound two-way data flow and verification cases to assist customers in the two regions to handle diversified banking services such as opening accounts and applying for loans.
Yu Weiwen, Chief Executive of the HKMA, said that under the Fintech 2030 Strategy, the HKMA is committed to building a next-generation data infrastructure, and the Chongqing and Hong Kong platform will further promote the efficient and safe circulation of cross-border data between the two places. We will continue to maintain close ties with mainland ministries, the banking industry, cutting-edge technology companies and other stakeholders to continuously optimize the platform to facilitate residents and enterprises in the two regions and support the development of the real economy.