HKMA welcomes launch of Chongqing-Hong Kong Cross-Boundary Data Validation Platform
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority. Photo source: reference image
The Chongqing and Hong Kong authorities announced today (October 14) the launch of the Chongqing-Hong Kong Cross-boundary Data Validation Platform (CQ-HK DVP).
As set out in the Chief Executive's 2026 Policy Address, this new cross-boundary data validation mechanism jointly established with Chongqing is one of the measures for encouraging the orderly flow of financial elements between the Chinese Mainland and Hong Kong. The Hong Kong Monetary Authority (HKMA) facilitated the establishment of the CQ-HK DVP (Note 1) together with authorities 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.
Leveraging blockchain technology and data coding (i.e. hash values), the CQ-HK DVP enables the verification of data presented by customers without involving the cross-boundary transfer or storage of the original documents. The relevant innovative technologies and mechanism have been successfully applied and proven to be stable and effective via the Shenzhen-Hong Kong Cross-boundary Data Validation Platform (Note 2).
The CQ-HK DVP will mainly support cross-boundary financial use cases at the outset. Banks in Chongqing and Hong Kong are actively advancing use cases involving the validation of both Northbound and Southbound data flows, which will support customers in the two places to engage in diverse banking services, including account opening and loan applications.
The Chief Executive of the HKMA, Mr Eddie Yue. Photo source: reference image
The Chief Executive of the HKMA, Mr Eddie Yue, said, "Under the 'Fintech 2030' strategy, the HKMA is committed to creating next-generation data infrastructure. The CQ-HK DVP will further foster secure and efficient cross-boundary data flow between Chongqing and Hong Kong. We will maintain close liaison with the relevant Mainland authorities, the banking industry, frontier technology companies and other stakeholders to continuously enhance the platform. This, in turn, will benefit residents and corporates from both places and support the development of the real economy."
Source: AI-created image
Note 1: The platform is operated by Chongqing Credit Co., Ltd and WeBank Technology Services Limited in Chongqing and Hong Kong respectively.
Note 2: The Shenzhen-Hong Kong Cross-boundary Data Validation Platform (SZ-HK DVP) was pilot launched in May 2024 and linked up with the HKMA's Commercial Data Interchange in April 2025. To date, the usage of the SZ-HK DVP has surpassed 40 000 times, and it has successfully provided assistance to over 10 banks across more than 10 business scenarios, including the validation work required for bank account opening, remittances, and loans. Both Northbound and Southbound data flows have been covered.
Speech by CE at International Organization for Mediation 1st Anniversary Celebration
Following is the speech by the Chief Executive, Mr John Lee, at the International Organization for Mediation (IOMed) 1st Anniversary Celebration today (October 20):
Secretary-General Professor Teresa Cheng (Secretary-General of the IOMed), Commissioner Cui Jianchun (Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region (HKSAR)), Chief Justice Andrew Cheung (Chief Justice of the Court of Final Appeal), Consuls-General, distinguished guests, ladies and gentlemen,
I am delighted to join you today, to celebrate the first anniversary of the International Organization for Mediation.
A year ago today, I officiated at the International Organization for Mediation's Inauguration Ceremony, together with members of IOMed's Governing Council and representatives of the Contracting States. Today, we are here to congratulate the IOMed on its welcome progress under the leadership of Secretary-General Professor Teresa Cheng.
The response, internationally, has been equally encouraging. Over this past year, the number of signatory states to the IOMed Convention has increased from the original 33 to 48, while the number of Contracting States has more than doubled, from eight to 18.
Just a few months after its inauguration, the IOMed settled an international commercial dispute. More good news: the mediator was an experienced maritime lawyer from Hong Kong. I am pleased to add that the IOMed has already handled multiple cases, and global interest is growing, with more potential cases in the pipeline.
In-person and online training for IOMed member states was held in Hong Kong in May and June, respectively. More in-person training for IOMed member states, in both state-to-state mediation and investor-state mediation, will take place next month.
And the first IOMed Forum, under the theme "Mediation for Peace and Prosperity - the New Frontier", will be held this December in Hong Kong.
In short, IOMed is fast emerging as a trusted intergovernmental body, committed to resolving international disputes through mediation. And doing so based on mutual respect and understanding.
The IOMed is a vital platform for promoting global peace and prosperity. And the HKSAR Government will continue to support the IOMed, in keeping with the National 15th Five-Year Plan and Hong Kong's First Five-Year Plan. Hong Kong, after all, is the world's only ChineseEnglish, bilingual common law jurisdiction. And our status as an international legal and dispute resolution services centre is internationally recognised.
In last month's Policy Address, I set out a set of initiatives to support and collaborate with the IOMed, promoting Hong Kong as a global hub for mediation.
Building on the Government's "Mediate First" policy, we will include IOMed mediation as a dispute resolution option in government contracts and agreements to which Hong Kong is a party.
I also welcome the IOMed's involvement in settling disputes in emerging industries. And we are considering the establishment of a special panel of mediators in commodity trading.
I hope, too, to see our talented young professionals contribute to international peace and co-operation. And I look forward to working with the IOMed in creating opportunities for young people in its wide-ranging affairs.
Ladies and gentlemen, IOMed's headquarters was converted from our historic Old Wan Chai Police Station. Its design theme was rooted in a proverb borrowed from Chinese porcelain, and I quote "" which I will translate as "Entering the kiln as one, emerging as a kaleidoscope of colours".
That reflects the value of international mediation, in which parties begin with a dispute and, ideally, leave with diverse solutions and new opportunities.
Mediation embodies respect, mutual trust, fairness and harmony. And I am confident that the International Organization for Mediation will continue to serve, and shine, as a beacon of hope for the world.
I wish you all a memorable evening.
Thank you.
Source: AI-found images
