PANews reported on October 11 that according to Caixin.com, the Deputy Chief Executive of the Hong Kong Monetary Authority, Ruan Guoheng, pointed out that they have decided with the People's Bank of China to regularize the "cross-border credit information interconnection" business pilot to be launched in 2024. The pilot covers the Guangdong-Hong Kong-Macao Greater Bay Area and will be piloted first in Hong Kong and Shenzhen. Participating institutions include 7 local Hong Kong retail banks such as HSBC, Standard Chartered and Bank of China (Hong Kong) and 3 local credit reporting agencies.

It is reported that the pilot has included the Shenzhen-Hong Kong cross-border data verification platform. The platform uses blockchain technology to establish a node in Hong Kong and Shenzhen. Users can independently obtain personal or corporate data from data providers and upload it to the designated platform. A 64-bit hash code is generated using an encryption algorithm. The other party across the border (data user) matches it with the same 64-bit hash code, thereby realizing the legal cross-border transfer of data and ensuring that it cannot be tampered with by users.