What Changed
- Launch of the Chongqing-Hong Kong Cross-boundary Data Validation Platform (CQ-HK DVP) on October 14, 2026.
- Integration of blockchain technology and hash values allowing verification without cross-boundary transfer or storage of original documents.
- Support for Northbound and Southbound cross-boundary banking use cases, including bank account opening and loan applications.
The Hong Kong Monetary Authority (HKMA) and Chongqing authorities announced the official launch of the Chongqing-Hong Kong Cross-boundary Data Validation Platform (CQ-HK DVP) on October 14, 2026. Established as part of the measures outlined in the Chief Executive's 2026 Policy Address to encourage the orderly flow of financial elements between mainland China and Hong Kong SAR, the platform facilitates cross-boundary data verification between the two jurisdictions.
The CQ-HK DVP was established through collaboration between the HKMA and several Chongqing government bodies, including the People's Bank of China Chongqing Municipal Branch, the Office of the Financial Commission of the Chongqing Municipal Committee, the Office of the Cyberspace Affairs Commission of the Chongqing Municipal Committee, and the Hong Kong and Macao Affairs Office of the Chongqing Municipal People's Government. The platform is operated by Chongqing Credit Co., Ltd in Chongqing and WeBank Technology Services Limited in Hong Kong SAR.
Technologically, the platform utilizes blockchain technology and data coding (hash values) to enable the verification of customer-presented data without requiring the cross-boundary transfer or storage of original documents. Initial implementation focuses on cross-boundary financial use cases. Banks in Chongqing and Hong Kong SAR are actively advancing applications supporting both Northbound and Southbound data validation, enabling customers in both places to access diverse banking services, such as account opening and loan applications.
This initiative follows the earlier Shenzhen-Hong Kong Cross-boundary Data Validation Platform (SZ-HK DVP), which was pilot-launched in May 2024 and linked with the HKMA's Commercial Data Interchange in April 2025. Usage of the SZ-HK DVP has surpassed 40,000 times, assisting over 10 banks across more than 10 business scenarios, including bank account opening, remittances, and loans. The launch of the CQ-HK DVP further supports secure cross-boundary data flow under the HKMA's 'Fintech 2030' strategy.
Who May Be Affected
Banks, individual customers, and corporate entities seeking cross-boundary banking services in Chongqing and Hong Kong SAR.
Cross-Border Context
Facilitates financial data verification between Chongqing (mainland China) and Hong Kong SAR.
What to check next
- Implementation and expansion of specific Northbound and Southbound financial use cases by participating banks in Chongqing and Hong Kong SAR.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.