Hong Kong and China Launch Blockchain Pilot for Cross-Border Credit Verification

Hong Kong and mainland China have initiated a blockchain pilot program aimed at enhancing cross-border credit verification. The project, launched in 2024, focuses on strengthening data connectivity across the Guangdong-Hong Kong-Macao region. Howard Lee, Deputy Chief Executive of the HKMA, confirmed the program's transition from trial to official operation following successful testing.

Seven major retail banks, including HSBC, Standard Chartered, and Bank of China (Hong Kong), alongside three credit-reference agencies, are participating. The system leverages blockchain nodes in Hong Kong and Shenzhen to create a secure, two-way data verification platform. This infrastructure supports encrypted data transmission and validation through a 64-bit hash code mechanism, ensuring authenticity without compromising data integrity.

The initiative marks a significant step in institutional blockchain adoption, bridging financial ecosystems while adhering to regulatory frameworks. Its success could set a precedent for broader cross-border blockchain applications in Asia.