The Hong Kong Financial Authority (HKMA) and the Individuals’s Financial institution of China (PBoC) have agreed to formally launch the Larger Bay Space’s cross-border credit score data sharing pilot.
Launched in 2024, the pilot will strengthen information connectivity between Hong Kong and mainland China throughout the Guangdong-Hong Kong-Macau area.
Hong Kong Financial Authority: Recurrently conduct cross-border credit score data interoperability exams within the Larger Bay Space, information verification platform to construct blockchain nodes in Hong Kong and Shenzhen
In accordance with Caixin.com, Hong Kong Financial Authority Deputy Governor Ruan Guoheng identified that Hong Kong has determined to usually conduct a pilot undertaking with the Individuals’s Financial institution of China on “cross-border credit score data interoperability” beginning in 2024. The trial operation is scheduled to cowl Guangdong, Hong Kong, and Macau Larger Bay Space… pic.twitter.com/oPRCSP1KP3
— PANews (@PANewsCN) October 11, 2025
In accordance with CaixinHKMA deputy chief government Howard Lee confirmed that this system would transfer from pilot to formal operation after profitable testing.
Seven retail banks and three credit score reference companies are taking part, together with HSBC, Commonplace Chartered and Financial institution of China (Hong Kong).
The system presently runs lively blockchain nodes in each Hong Kong and Shenzhen, constructing a two-way bridge for verified credit score information.
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How blockchain platforms confirm belief information
The pilot incorporates the Shenzhen-Hong Kong Cross-border Knowledge Verification Platform, a system that makes use of blockchain know-how to safe and confirm credit score information change. One blockchain node is put in in Hong Kong and one other in Shenzhen to facilitate encrypted information transmission between approved establishments.
The system permits people and companies to acquire information from registered suppliers and add it to the verification platform. An encryption algorithm then generates a 64-bit hash code that represents the info. Cross-border responders can match codes to verify authenticity and allow legit information sharing whereas stopping tampering and unauthorized entry.
The platform’s construction ensures compliance with privateness and information safety necessities whereas sustaining the integrity of monetary data. It additionally reduces reliance on handbook verification and allows quicker processing of credit score information between Hong Kong and Shenzhen.
Stablecoin license utility progresses beneath new framework
Individually, the HKMA reported on the progress of the brand new stablecoin regulatory framework, which got here into impact on August 1, 2025. After receiving expressions of curiosity from 77 firms, 36 firms had utilized for licenses by the tip of September. Preliminary approvals are anticipated to be obtained in early 2026.
Candidates embody banks, brokerages, fee suppliers, e-commerce platforms, and extra. The framework complies with Basel banking requirements to encourage monetary establishment participation and mandates full know-your-customer (KYC) identification for all stablecoin transactions.
Commonplace Chartered, a member of Hong Kong’s stablecoin sandbox, has confirmed plans to use for a license by way of a three way partnership with Anchorpoint Monetary, Hong Kong Telecom (HKT) and Animoca Manufacturers.
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