- HKMA and PBoC will formally implement a blockchain-based cross-border credit score information trade pilot.
- Blockchain nodes in Hong Kong and Shenzhen will improve safe credit score information verification.
- 36 corporations apply for Hong Kong stablecoin licenses beneath the brand new regulatory framework in 2025.
The Hong Kong Financial Authority (HKMA) and the Individuals’s Financial institution of China (PBoC) have agreed to formally launch the Better Bay Space’s cross-border credit score data sharing pilot.
Launched in 2024, the pilot will strengthen information connectivity between Hong Kong and mainland China throughout the Guangdong-Hong Kong-Macau area.
In accordance with CaixinHKMA deputy chief government Howard Lee confirmed that this system would transfer from pilot to formal operation after profitable testing.
Seven retail banks and three credit score reference companies are collaborating, together with HSBC, Customary Chartered and Financial institution of China (Hong Kong).
The system at the moment runs lively blockchain nodes in each Hong Kong and Shenzhen, constructing a two-way bridge for verified credit score information.
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How blockchain platforms confirm belief information
The pilot incorporates the Shenzhen-Hong Kong Cross-border Information Verification Platform, a system that makes use of blockchain expertise to safe and confirm credit score information trade. One blockchain node is put in in Hong Kong and one other in Shenzhen to facilitate encrypted information transmission between approved establishments.
The system permits people and companies to acquire information from registered suppliers and add it to a verification platform. An encryption algorithm then generates a 64-bit hash code that represents the information. Cross-border responders can match codes to substantiate authenticity and allow professional information sharing whereas stopping tampering and unauthorized entry.
The platform’s construction ensures compliance with privateness and information safety necessities whereas sustaining the integrity of economic data. It additionally reduces reliance on handbook verification and permits sooner processing of credit score information between Hong Kong and Shenzhen.
Stablecoin license software progresses beneath new framework
Individually, the HKMA reported on the progress of the brand new stablecoin regulatory framework, which got here into impact on August 1, 2025. After receiving expressions of curiosity from 77 corporations, 36 corporations had utilized for licenses by the top of September. Preliminary approvals are anticipated to be acquired in early 2026.
Candidates embrace banks, brokerages, fee suppliers, e-commerce platforms, and extra. The framework complies with Basel banking requirements to encourage monetary establishment participation and mandates full know-your-customer (KYC) identification for all stablecoin transactions.
Customary Chartered, a member of Hong Kong’s stablecoin sandbox, has confirmed plans to use for a license via a three way partnership with Anchorpoint Monetary, Hong Kong Telecom (HKT) and Animoca Manufacturers.
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