The Hong Kong Monetary Authority (HKMA) announced today (October 14) the official launch of the Chongqing-Hong Kong Cross-boundary Data Verification Platform (CQ-HK DVP). The platform utilizes blockchain technology and data encoding (hash values) to verify customer-submitted data without the cross-boundary transmission or storage of original documents. This initiative aims to facilitate the orderly flow of financial elements between mainland China and Hong Kong and has been successfully applied to the Shenzhen-Hong Kong Cross-boundary Data Verification Platform. In its initial phase, CQ-HK DVP will primarily support cross-boundary financial application scenarios, with banks in Chongqing and Hong Kong actively advancing verification use cases for both northbound and southbound data flows to support customers in both regions for banking services such as account opening and loan applications. Eddie Yue, Chief Executive of the HKMA, stated that the HKMA is committed to creating next-generation data infrastructure, and this platform will further promote secure and efficient cross-boundary data flow between Chongqing and Hong Kong.