Greater Bay Area Credit Pilot Goes Mainstream
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HKMA and PBoC formalize blockchain-based cross-border credit data exchange pilot. Blockchain nodes in Hong Kong and Shenzhen enhance secure credit data verification. 36 firms apply for Hong Kong stablecoin licenses under new 2025 regulatory framework. 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…
