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Hong Kong: HKMA launches Shenzen-Hong Kong cross-border data validation platform

On May 6, 2024, the Hong Kong Monetary Authority (HKMA) announced that it had pilot-launched the Shenzen-Hong Kong cross-border data validation platform. In particular, the HKMA explained that the platform uses blockchain technology and data coding (i.e., hash values) for document verification and to validate the authenticity of the documents presented by the data owners without involving any cross-border transfer or storage of the original documents. The platform was developed and tested by the HKMA alongside other authorities in Hong Kong and Shenzen, China.

Furthermore, the HKMA announced that the first phase of the platform implementation will include pilot trials conducted with cross-border use cases in the financial sector, such as with the validation of credit referencing reports and with account opening documents for corporate customers. The aim is to promote safe cross-border data flow and enhance banks' operational efficiency and risk management.

You can read the press release here.