The Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBoC) have agreed to officially launch the Greater Bay Area's cross-border credit information sharing pilot.
Launched in 2024, the pilot will strengthen data connectivity between Hong Kong and mainland China across the Guangdong-Hong Kong-Macau region.
Hong Kong Monetary Authority: Regularly conduct cross-border credit information interoperability tests in the Greater Bay Area, data verification platform to build blockchain nodes in Hong Kong and Shenzhen
According to Caixin.com, Hong Kong Monetary Authority Deputy Governor Ruan Guoheng pointed out that Hong Kong has decided to regularly conduct a pilot project with the People's Bank of China on “cross-border credit information interoperability” starting in 2024. The trial operation is scheduled to cover Guangdong, Hong Kong, and Macau Greater Bay Area… pic.twitter.com/oPRCSP1KP3
— PANews (@PANewsCN) October 11, 2025
According to CaixinHKMA deputy chief executive Howard Lee confirmed that the program would move from pilot to formal operation after successful testing.
Seven retail banks and three credit reference agencies are participating, including HSBC, Standard Chartered and Bank of China (Hong Kong).
The system currently runs active blockchain nodes in both Hong Kong and Shenzhen, building a two-way bridge for verified credit data.
Related: Hong Kong to support commercial banks' tokenization initiative in 2025 Policy speech
How blockchain platforms verify trust data
The pilot incorporates the Shenzhen-Hong Kong Cross-border Data Verification Platform, a system that uses blockchain technology to secure and verify credit data exchange. One blockchain node is installed in Hong Kong and another in Shenzhen to facilitate encrypted data transmission between authorized institutions.
The system allows individuals and businesses to obtain data from registered providers and upload it to a verification platform. An encryption algorithm then generates a 64-bit hash code that represents the data. Cross-border responders can match codes to confirm authenticity and enable legitimate data sharing while preventing tampering and 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 and enables faster processing of credit data between Hong Kong and Shenzhen.
Stablecoin license application progresses under new framework
Separately, the HKMA reported on the progress of the new stablecoin regulatory framework, which came into effect on August 1, 2025. After receiving expressions of interest from 77 companies, 36 companies had applied for licenses by the end of September. Initial approvals are expected to be received in early 2026.
Applicants include banks, brokerages, payment providers, e-commerce platforms, and more. The framework complies with Basel banking standards to encourage financial institution participation and mandates full know-your-customer (KYC) identification for all stablecoin transactions.
Standard Chartered, a member of Hong Kong’s stablecoin sandbox, has confirmed plans to apply for a license through a joint venture with Anchorpoint Financial, Hong Kong Telecom (HKT) and Animoca Brands.
Related: Hong Kong's stablecoin law becomes China's crypto policy sandbox
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