WeBank Technology Services Showcases Shenzhen-Hong Kong Cross-Boundary Data Validation Platform at Data Summit 2025
During the Data Summit, the Shenzhen-Hong Kong Cross-Boundary Data Validation Platform (DVP), co-operated by WeBank Technology Services, was also introduced as the first cross-boundary data verification service connected to the HKMA' s Commercial Data Interchange (CDI). CDl, a key pillar of the HKMA's "Fintech 2025" strategy, aims at enhancing financial inclusion through secure and efficient data sharing.
Cross-boundary data bridge built on blockchain principles Developed under the guidance of the HKMA, Shenzhen Municipal Cyberspace Administration, the Hong Kong and Macao Affairs Office of Shenzhen Municipal People's Government, Shenzhen Municipal Financial Regulatory Bureau, the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, the Shenzhen Branch of the People's Bank of China, and the Shenzhen Regulatory Bureau of National Financial Regulatory Administration, the DVP positions itself as a next-generation cross-boundary data infrastructure. The platform enables trusted validation of personal and corporate data through hash-based verification — without transferring nor storing any original data files. Powered by immutability and traceability features of blockchain technology, the platform supports data portability in compliance with regulatory requirements from both jurisdictions.
The DVP collaborates with authoritative data providers in the Chinese Mainland across various sectors like finance and public services, allowing for verification of documents such as personal and corporate credit reports, bank statements, and enterprise credit information among others. The service is designed to meet growing demands for cross-boundary financial services by residents and enterprises operating between Shenzhen and Hong Kong.
CDI-DVP integration to help streamline access for Hong Kong banks CDI, launched under the HKMA's Fintech 2025 blueprint, serves as a foundational financial data infrastructure that lowers the cost and complexity of data exchange between banks and commercial data providers. With the integration of DVP, Hong Kong banks can now — via a compliant, secure and efficient channel — improve risk assessment and the overall user experience of cross-boundary financial services.
During the summit, Eddie Yue visited WeBank Technology Services' exhibition booth, where Huiya Yao, Head of Fintech Innovation at WeBank, shared the latest developments of the DVP. To date, the DVP has already served more than 10 business entities and is being used in various scenarios including cross-boundary credit assessment and financing.
Early gains from DVP adoption At a panel session focused on cross-boundary data validation, representatives from Fusion Bank and ICBC (Asia) shared early outcomes from leveraging the DVP.
Andy Li, Head of Corporate Banking at Fusion Bank, said: "Hong Kong serves as a pivotal gateway connecting the Mainland and international markets, and remains the preferred destination for Mainland enterprises going global. Fusion Bank has been committed to supporting Mainland SMEs in their overseas expansion and has approved over HKD100 million in loans for Hong Kong affiliates of GBA SMEs by leveraging the DVP for cross-boundary verification of credit information. Moving ahead, we will continue to utilize DVP to deliver more convenient financing solutions for Hong Kong affiliates of GBA enterprises, supporting the advancement of financial inclusion in the GBA." ICBC Asia's Co-Head of Data Management Youping Song revealed plans to leverage the DVP as well to verify customers' Central Bank Individual credit reports and other data types, to enhance credit status assessment work for newly arrived Hong Kong residents from the Chinese Mainland, supporting talent schemes such as the "Top Talent Pass Scheme(TTPS)" and "Quality Migrant Admission Scheme (QMAS)".
Toward a Greater Bay Area data ecosystem The DVP, officially launched in May 2024, is jointly operated by the China (Qianhai) Internet Exchange (CNIX), Shenzhen Credit Service Co. Ltd and WeBank Technology Services. WeBank provides the overall architecture design and technical support of the platform.
Looking ahead, Huiya Yao shared that the DVP aims to integrate more diverse data sources, deepening data connectivity across the Greater Bay Area.
About WeBank Technology Services Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practices to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide.
(Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR
This is an auto-published feed from PTI with no editorial input from The Wire.
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