The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) agreed to formalize the Greater Bay Area Cross-Border Credit Information Sharing pilot.
The pilot, which was launched in 2024 strengthens data connectivity between Hong Kong and mainland China across the Guangdong–Hong Kong–Macao region.
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
According to Caixin, HKMA Deputy Chief Executive Howard Lee confirmed the program will move from trial to official operation after successful tests.
Seven retail banks including HSBC, Standard Chartered, and Bank of China (Hong Kong)—and three credit-reference agencies participate.
The system now runs active blockchain nodes in both Hong Kong and Shenzhen, creating a two-way bridge for verified credit data.
Related: Hong Kong to Support Commercial Bank Tokenization Initiatives in 2025 Policy Address
How the Blockchain Platform Verifies Credit Data
The pilot incorporates the Shenzhen–Hong Kong Cross-Border Data Verification Platform, a system that uses blockchain technology to secure and validate credit data exchanges. One blockchain node is set up in Hong Kong and another in Shenzhen to facilitate encrypted data transmission between authorized institutions.
Under the system, individuals and companies can obtain data from registered providers and upload it to the verification platform. An encryption algorithm then generates a 64-bit hash code representing the data. The corresponding party across the border matches the code to confirm authenticity, enabling legitimate data sharing while preventing tampering or unauthorized access.
The platform’s structure ensures compliance with privacy and data protection requirements while maintaining the integrity of financial information. It also reduces reliance on manual verification, allowing faster processing of credit data between Hong Kong and Shenzhen.
Stablecoin Licensing Applications Progress Under New Framework
Separately, the HKMA has reported progress in its new stablecoin regulatory framework, which came into effect on August 1, 2025. By the end of September, 36 companies had applied for licenses following expressions of interest from 77 firms. The first batch of approvals is expected to be received in early 2026.
Applicants include banks, securities firms, payment providers, and e-commerce platforms. The framework mandates full Know Your Customer (KYC) identification for all stablecoin transactions, aligning with Basel banking standards to facilitate participation by financial institutions.
Standard Chartered, a participant in Hong Kong’s stablecoin sandbox, confirmed plans to apply for a license through a joint venture with Anchorpoint Financial, Hong Kong Telecom (HKT), and Animoca Brands.
Related: Hong Kong Stablecoin Law Becomes China’s Crypto Policy Sandbox
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