Shenzhen, Hong Kong to Launch Blockchain Cross-Border Data Verification Platform
by Fintech News Hong Kong November 30, 2023Shenzhen and Hong Kong have announced a joint initiative to launch a verification platform for cross-border data. This platform is part of a broader effort to enhance data flows in various sectors, including finance, within the Greater Bay Area (GBA).
The platform, primarily based on blockchain technology, is designed to ensure the credibility of cross-border data, according to a report by the Shenzhen Special Zone Daily newspaper and reported by the South China Morning Post. Initially, it will focus on trials in the financial sector, involving transactions between Shenzhen and Hong Kong.
Key financial institutions, including the Bank of China and the Bank of East Asia, are set to be among the first to use this platform. The platform’s technical foundation relies on distributed data transfer protocols (DDTP) and the mainland China blockchain platform FISCO BCOS. Notably, it will not store or transfer cross-border data but will verify data based on its hash value.
The development of this data verification platform will reportedly begin in Shenzhen, involving a collaboration between China (Qianhai) Internet Exchange, Shenzhen Credit, Hong Kong Science and Technology Park, and Shenzhen’s WeBank.
This project was announced at the Shenzhen International Fintech Festival in Qianhai, Shenzhen, a special economic zone bordering Hong Kong. The report suggests that the data platform’s utility will eventually extend beyond finance, potentially impacting cross-border work and life aspects for residents of both cities.
Additionally, the governments of Hong Kong and China have recently made efforts to facilitate cross-border data transfer within the GBA. Mid this year, a memorandum was signed to ease these processes, and the SAR government has plans to start a pilot programme this year for cross-border data transfer in sectors such as health and banking.
