Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen stated that the company has agreed with the People's Bank of China to formalize the "cross-border credit information interconnection" pilot program, which began in 2024. The pilot program will cover the Guangdong-Hong Kong-Macao Greater Bay Area and will be piloted in Hong Kong and Shenzhen. Participating institutions include seven local retail banks, including HSBC, Standard Chartered, and Bank of China (Hong Kong), and three local credit bureaus. The pilot program has incorporated the Shenzhen-Hong Kong Cross-Border Data Verification Platform, which uses blockchain technology with nodes in Hong Kong and Shenzhen. Users independently obtain personal or corporate data from data providers and upload it to a designated platform. A 64-bit hash code is generated using an encryption algorithm. The other party (data user) then matches the data with the same 64-bit hash code, ensuring the legal cross-border transfer of data and ensuring it cannot be tampered with by users. (Caixin.com)