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Hong Kong to Institutionalize Blockchain Credit Data Sharing in Greater Bay Area

HKMA Deputy Chief Executive confirms the normalization of the blockchain-based cross-border credit data sharing pilot, with an initial rollout in Hong Kong and Shenzhen.

Summary

The Hong Kong Monetary Authority has confirmed that the cross-border credit data sharing pilot with the People's Bank of China will be institutionalized in 2024. Initially launching in Hong Kong and Shenzhen, the pilot involves seven local retail banks and three credit agencies, utilizing a blockchain platform for secure data sharing through a 64-bit hash code to ensure legal and tamper-proof cross-border transfer.

Terms & Concepts
  • Blockchain-based Data Verification Platform: A system using blockchain technology to ensure secure, tamper-proof verification and transmission of data between different jurisdictions.
  • 64-bit Hash Code: A fixed-length cryptographic output generated from data to verify its integrity and prevent unauthorized alterations.
  • Greater Bay Area: A Chinese government initiative linking Hong Kong, Macau, and nine cities in Guangdong province to foster economic cooperation and integration.