The Hong Kong Monetary Authority (HKMA) has worked with Chongqing officials to launch the Chongqing-Hong Kong Cross-boundary Data Validation Platform (CQ-HK DVP).
The platform lets banks check customer data across the boundary. At the same time, banks do not need to send or store the original files on the other side.
The system runs on blockchain and hash values. In simple terms, a hash value works like a digital fingerprint for a piece of data.
A similar platform already links Shenzhen and Hong Kong. According to the HKMA, the same tools and process have run on that platform and proved stable and effective.
Initially, the new platform will mainly support banking and finance. Meanwhile, banks in both cities are building ways to check data moving each way.
In turn, this should help customers in both places open accounts, apply for loans and use other bank services.
In addition, the mechanism forms part of Hong Kong’s 2026 Policy Address. It is one of the steps to support the orderly flow of financial elements with the Mainland.
On the Chongqing side, the city’s branch of the People’s Bank of China helped set up the platform.
Local finance, cyberspace, and Hong Kong and Macao affairs offices also joined the effort.
“The CQ-HK DVP will further foster secure and efficient cross-boundary data flow between Chongqing and Hong Kong. We will maintain close liaison with the relevant Mainland authorities, the banking industry, frontier technology companies and other stakeholders to continuously enhance the platform,”
said Eddie Yue, Chief Executive at the HKMA.
Featured image: Edited by Fintech News Hong Kong, based on image by Hong Kong Monetary Authority (HKMA) via its website and rawpixel.com via Magnific.
