On 10 Oct 2025, the HKMA updated authorized institutions on the operational status and strategic value of the Shenzhen-Hong Kong cross-boundary Data Validation Platform, which enables secure document verification without cross-border data transfer. The circular highlights over 10 AIs leveraging the platform for HK$150 million in loans, promotes best practices including CDI integration and data security, and outlines planned enhancements to expand data types, GBA coverage, and user experience to support broader fintech adoption in cross-boundary banking.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction and Platform Overview
On 10 Oct 2025, the HKMA issued a circular updating authorized institutions (AIs) on the Shenzhen-Hong Kong cross-boundary Data Validation Platform, an existing fintech infrastructure launched in May 2024. The platform leverages blockchain and data coding (hash values) to verify document authenticity without cross-border transfer or storage of original documents, enhancing data security and efficiency for cross-boundary banking operations within the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).
Current Utilization and Good Practices
The HKMA reports over 10 banks and credit reference agencies have adopted the platform for validating personal and corporate data—including credit reports, tax returns, and KYC documents—to support services like account opening, remittances, and credit applications, facilitating HK$150 million in loans. Key good practices highlighted include leveraging the Commercial Data Interchange (CDI) connection for streamlined access (eliminating additional setup), utilizing diverse data sources (including sensitive personal data with consent), and implementing robust data security protocols such as fully online operational processes and mobile application integration to minimize manual intervention.
Future Enhancements and HKMA Guidance
Building on the platform's success, the HKMA will collaborate with Mainland authorities to enhance the platform's utility, prioritizing use cases supporting real economic activities and daily livelihoods. Future efforts will explore potential enhancements to include additional data types and sources, expanded GBA geographical coverage, and improved user experience. The HKMA encourages AIs to actively adopt the platform for risk management and service offerings, emphasizing alignment with the Fintech 2025 Strategy and the 2025 Policy Address.
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