Pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform

On 6 May 2024, the Shenzhen and Hong Kong authorities announced the pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform. This is under the guidance of policies the “Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” and the “Plan for Comprehensively Deepening the Reform and Opening-up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone”. Shenzhen and Hong Kong are accelerating the development of new quality productive forces, and solidly promoting the high-end digital economy.

The Shenzhen-Hong Kong cross-boundary data validation platform is committed to building a new digital cross-boundary service infrastructure in Shenzhen and Hong Kong. The platform is developed based on Chinese open source blockchain core technology (FISCO BCOS) and distributed data transmission protocol (DDTP). It utilises the advantages of blockchain technology that cannot be tampered and is traceable, and uses hash value cross-boundary data validation to enable users’ data authenticity. The platform itself does not perform original data cross-border transmission and storage, but only provides trusted verification services for business organizations based on hash values.

The Pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform, which will provide convenient conditions for residents of Shenzhen and Hong Kong to work and live across the border and expand businesses. In the first phase of the platform, the platform will take the lead in trial operation in the cross-boundary financial area. The first batch of trial operation scenarios include: cross-boundary verification of corporate credit reports between Shenzhen Credit Information Service Co., Ltd. and Hong Kong Nova Credit Limited., Baihang Credit Services Corporation cross-boundary validation of credit information independently authorized by small and micro business owners with Hong Kong Fusion Bank, and cross-boundary validation of corporate KYC reports between Bank of East Asia (China) and Bank of East Asia (Hong Kong).

The platform consists of the Shenzhen Internet Information Office, the Shenzhen municipality Hong Kong and Macao Affairs Office, the Shenzhen Local Financial Authority, the Shenzhen Qianhai Authority, the People's Bank of China Shenzhen Branch, the National Financial Regulatory Administration Shenzhen Office, and the Hong Kong Monetary Authority. Government departments from two places actively coordinate and promote. China (Qianhai) Internet Exchange and Shenzhen Smart City Group serve as the Shenzhen platform operators, Hong Kong Science and Technology Parks Corporation serves as the Hong Kong platform operator, and WeBank is responsible for complete solution design and technical support.

The Shenzhen-Hong Kong cross-boundary data validation platform is an open platform, and currently a number of financial and people's livelihood organization are planning to launch services on the platform. In the future, the platform will continue to expand services in different fields such as cross-boundary people's livelihood, cross-boundary finance, and cross-boundary medical care. It provides a strong support to security, compliance, efficient circulation of data, and assist the in-depth integration and high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area. 

Disclaimer: This article is published by The Shenzhen Qianhai Authority and has been translated into English. If there is any inconsistency or ambiguity between the English version and Chinese version, the latter one shall prevail. The full text of the article, in Chinese, can be found below: https://qh.sz.gov.cn/sygnan/qhzx/dtzx/content/post_11273159.html

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