The Hong Kong Financial Authority (HKMA) and the Individuals’s Financial institution of China (PBoC) agreed to formalize the Higher Bay Space Cross-Border Credit score Info Sharing pilot.
The pilot, which was launched in 2024 strengthens information connectivity between Hong Kong and mainland China throughout the Guangdong–Hong Kong–Macao area.
香港金管局：常规化大湾区跨境征信互通试点，数据验证平台在港深各建区块链节点
据财新网，香港金融管理局副总裁阮国恒指出，已与中国人民银行决定将2024年开展的“跨境征信互通”业务试点常规化，该试点覆盖粤港澳大湾区范围，… pic.twitter.com/oPRCSP1KP3
— PANews (@PANewsCN) October 11, 2025
In response to Caixin, HKMA Deputy Chief Govt Howard Lee confirmed this system will transfer from trial to official operation after profitable checks.
Seven retail banks together with HSBC, Commonplace Chartered, and Financial institution of China (Hong Kong)—and three credit-reference companies take part.
The system now runs lively blockchain nodes in each Hong Kong and Shenzhen, making a two-way bridge for verified credit score information.
Associated: Hong Kong to Assist Industrial Financial institution Tokenization Initiatives in 2025 Coverage Deal with
How the Blockchain Platform Verifies Credit score Knowledge
The pilot incorporates the Shenzhen–Hong Kong Cross-Border Knowledge Verification Platform, a system that makes use of blockchain expertise to safe and validate credit score information exchanges. One blockchain node is ready up in Hong Kong and one other in Shenzhen to facilitate encrypted information transmission between licensed establishments.
Underneath the system, people and firms can get hold of information from registered suppliers and add it to the verification platform. An encryption algorithm then generates a 64-bit hash code representing the info. The corresponding celebration throughout the border matches the code to substantiate authenticity, enabling professional information sharing whereas stopping tampering or unauthorized entry.
The platform’s construction ensures compliance with privateness and information safety necessities whereas sustaining the integrity of monetary info. It additionally reduces reliance on handbook verification, permitting sooner processing of credit score information between Hong Kong and Shenzhen.
Stablecoin Licensing Functions Progress Underneath New Framework
Individually, the HKMA has reported progress in its new stablecoin regulatory framework, which got here into impact on August 1, 2025. By the top of September, 36 firms had utilized for licenses following expressions of curiosity from 77 corporations. The primary batch of approvals is anticipated to be obtained in early 2026.
Candidates embody banks, securities corporations, cost suppliers, and e-commerce platforms. The framework mandates full Know Your Buyer (KYC) identification for all stablecoin transactions, aligning with Basel banking requirements to facilitate participation by monetary establishments.
Commonplace Chartered, a participant in Hong Kong’s stablecoin sandbox, confirmed plans to use for a license by way of a three way partnership with Anchorpoint Monetary, Hong Kong Telecom (HKT), and Animoca Manufacturers.
Associated: Hong Kong Stablecoin Regulation Turns into China’s Crypto Coverage Sandbox
Disclaimer: The data offered on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any type. Coin Version shouldn’t be accountable for any losses incurred on account of the utilization of content material, merchandise, or providers talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.
