Chongqing-Hong Kong Platform Officially Commences Operation: HKMA Says It Will Further Promote Efficient and Secure Cross-Border Data Flow Between the Two Places

On October 14, Chongqing and Hong Kong announced the official commencement of operation of the Chongqing-Hong Kong Cross-boundary Data Validation Platform (the Chongqing-Hong Kong Platform). The new cross-boundary data validation mechanism jointly established with Chongqing is one of the measures in the Chief Executive's 2026 Policy Address to promote the orderly flow of financial elements between the two places. The Chongqing-Hong Kong Platform was established under the joint coordination of the Hong Kong Monetary Authority (HKMA) and the People's Bank of China Chongqing Branch, the Office of the Financial Committee of the CPC Chongqing Municipal Committee, the Office of the Cybersecurity and Information Committee of the CPC Chongqing Municipal Committee, and the Hong Kong and Macao Affairs Office of the Chongqing Municipal People's Government. The Chongqing-Hong Kong Platform uses blockchain technology and data codes (i.e. hash values) to verify data voluntarily carried by customers, and the process does not involve cross-boundary transmission and storage of the original data files. The relevant innovative technology and mechanism have already been successfully applied to the Shenzhen-Hong Kong Cross-boundary Data Validation Platform, proving to be stable and effective. In its first phase, the Chongqing-Hong Kong Platform will focus on cross-boundary financial scenarios. Banks in the two places are actively advancing northbound and southbound bidirectional data flows and validation cases to assist customers in both places in handling diversified banking services such as account opening and loan applications. HKMA Chief Executive Eddie Yue said: Under the Fintech 2030 strategy, the HKMA is committed to building a new generation of data infrastructure, and the Chongqing-Hong Kong Platform will further promote the efficient and secure flow of cross-boundary data between the two places. We will continue to maintain close contact with mainland ministries and commissions, the banking industry, cutting-edge technology companies and other stakeholders to continuously optimize the platform, so as to facilitate residents and enterprises in both places and support the development of the real economy.