Breaking Boundaries: HKMA's Pioneering Cross-Boundary Data Validation

The Hong Kong Monetary Authority's 2025 Data Summit introduced the Shenzhen-Hong Kong Cross-Boundary Data Validation Platform, a blockchain-based service enhancing secure data sharing for financial inclusion, aligning with HKMA's Fintech 2025 goals. The platform allows trusted validation across Shenzhen and Hong Kong without storing original data, fostering business growth.

The Hong Kong Monetary Authority (HKMA) staged its 2025 Data Summit on Monday, gathering over 800 professionals from the city's diverse sectors. Chief Executive Eddie Yue highlighted HKMA's ongoing commitment to innovating financial infrastructure.

A significant highlight was the introduction of the Shenzhen-Hong Kong Cross-Boundary Data Validation Platform (DVP), managed by WeBank Technology Services. This platform represents a trailblazer in cross-boundary data verification, aligning with the HKMA's 'Fintech 2025' strategy aimed at fostering financial inclusion through robust data sharing.

The platform, developed in cooperation with multiple regulatory bodies, uses blockchain principles to ensure data verification without transferring original data, addressing regulatory compliance in Shenzhen and Hong Kong. The system aids Hong Kong banks in improving risk assessment, supporting comprehensive financial services for the Greater Bay Area's residents and businesses.

(With inputs from agencies.)