The Hong Kong Monetary Authority and Chongqing authorities have launched the Chongqing-Hong Kong Cross-boundary Data Validation Platform to support secure verification of customer data for cross-boundary financial services. Using blockchain technology and hash values, the platform enables banks to verify data presented by customers without transferring or storing original documents across the boundary. Banks in Chongqing and Hong Kong are developing use cases covering Northbound and Southbound data flows, initially for services including account opening and loan applications. The mechanism builds on the Shenzhen-Hong Kong platform, which has recorded more than 40,000 uses and supported over 10 banks across more than 10 business scenarios, including account opening, remittances and lending.
Hong Kong Monetary Authority facilitates launch of Chongqing-Hong Kong Cross-boundary Data Validation Platform
The Hong Kong Monetary Authority and Chongqing authorities have launched a platform that verifies customer data without transferring or storing original documents across the boundary. Banks are developing Northbound and Southbound use cases, initially covering services such as account opening and loan applications.