Hong Kong｜HKMA launches Chongqing–Hong Kong cross-boundary data validation platform

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The Hong Kong Monetary Authority announced on October 14 the launch of the Chongqing–Hong Kong Cross-boundary Data Validation Platform (CQ-HK DVP), with support from the People's Bank of China Chongqing Municipal Branch, the Office of the Financial Commission of the Chongqing Municipal Committee, the Office of the Cyberspace Affairs Commission of the Chongqing Municipal Committee and the Hong Kong and Macao Affairs Office of the Chongqing Municipal People's Government. The platform is operated by Chongqing Credit Co., Ltd and WeBank Technology Services Limited in Chongqing and Hong Kong respectively.

The platform uses blockchain technology and data coding (hash values) to validate data submitted by customers without moving or storing original documents across the boundary. The HKMA said it will mainly support cross-boundary financial use cases at the outset, with banks in Chongqing and Hong Kong actively advancing both northbound and southbound data validation cases covering account opening and loan applications.

HKMA Chief Executive Eddie Yue said the platform is next-generation data infrastructure under the 'Fintech 2030' strategy and will foster secure and efficient cross-boundary data flow between Chongqing and Hong Kong. The HKMA pointed to the Shenzhen–Hong Kong platform as a reference: pilot-launched in May 2024 and linked to the Commercial Data Interchange in April 2025, it has been used more than 40,000 times, assisting over 10 banks across more than 10 business scenarios.