In this file photo dated Jan 8, 2023, people queue at the Lok Ma Chau Control Point in Hong Kong before traveling to neighboring Shenzhen, south China. (PHOTO / XINHUA)
The platform aims to strengthen cross-boundary data security by helping organizations verify the credibility of data based on blockchain technology.
The project was announced on Wednesday at the Shenzhen International Fintech Festival. It has not yet been decided when the platform will become operational
A trial operation will be carried out in cross-boundary finance when the platform comes into service, with the Bank of China and the Bank of East Asia among the first batch of financial institutions to take part in initial testing.
Application will further be expanded to other scenarios, making it easier for Shenzhen and Hong Kong residents to work and live there and for companies to expand business across the boundary.
The platform will not transfer or store cross-boundary data, but only offer data verification services for organizations.
The project was announced on Wednesday at the Shenzhen International Fintech Festival. It has not yet been decided when the platform will become operational.
Governments in the GBA are making great efforts to break the barrier of cross-boundary data flow to pave the way for deeper regional integration.
READ MORE: DAB proposes easing cross-boundary travel
The Hong Kong Special Administrative Region government is negotiating with its Guangdong counterpart to adopt an “early and pilot implementation” approach in the region to streamline compliance arrangements for the flow of personal data from the Chinese mainland to Hong Kong.
“This will facilitate the provision of cross-boundary financial and medical services within the GBA,” Lee said.
Hong Kong SAR and the Chinese mainland signed a memorandum in June, which established security rules for cross-boundary data flow.
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