Blockchain Platform Connects Hong Kong and Chongqing Financial Data

A new Hong Kong Chongqing blockchain platform has been launched to support cross-border financial services by validating information without transferring or storing original documents.

The Chongqing-Hong Kong Cross-boundary Data Validation Platform aims to reduce compliance and privacy risks associated with sharing financial information between the two markets, according to the Hong Kong Monetary Authority.

The platform is operated by Chongqing Credit and WeBank Technology Services, a subsidiary of Tencent-backed WeBank.

Initial applications will focus on banking services, including account openings and loan applications, with participating banks developing services to support data flows in both directions.

The initiative builds on a similar Shenzhen-Hong Kong platform launched in May 2024, which has recorded more than 40,000 uses.

That platform serves over 10 banks across more than 10 business scenarios.

The technology could eventually support more efficient cross-border financial services for businesses and wealthy clients operating across mainland China and Hong Kong.