HKMA Welcomes Launch of Chongqing-Hong Kong Cross-Boundary Data Validation Platform

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.

Assessment Committee supports nine applications under Pilot Innovation and Technology Accelerator Scheme

The Innovation and Technology Commission announced today (October 14) that the Pilot Innovation and Technology Accelerator Scheme (PITAS) Assessment Committee (the Assessment Committee) under the Innovation and Technology Fund has supported in principle nine applications. The list is as follows:

• BJ-HK-SZ Innotech Accelerator Limited

• China Outbound Accelerator Limited

• China Resources Corporate Services (HK) Limited

• Hong Kong Branch of The National Torch Academy of Innovation and Entrepreneurship Co., Limited

• Surrich Consulting Co., Limited

• Tenwings Accelevator Company Limited

• ventureLAB Smart City Accelerator Limited

• Xi'an Jiaotong University Hong Kong Institute of Advanced Studies Co., Limited

• Zhong Xing No.1 Investment Fund Limited

The Secretary for Innovation, Technology and Industry, Professor Sun Dong. Photo source: reference image

The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "The nine selected organisations possess extensive networks and resources in areas such as AI, robotics, biomedicine, new energy and new materials. They will provide value-added services including co-working space, research and development support, investment matching and market development to accelerate the growth of innovation and technology (I&T) companies in Hong Kong. The Hong Kong Special Administrative Region Government will continue to enhance the I&T ecosystem and develop Hong Kong into an international I&T centre."

PITAS aims to attract professional I&T enterprise service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong and, through their business networks and expertise, support the development and needs of I&T enterprises in a more comprehensive and targeted manner. Under PITAS, the Government will provide funding support on a onetotwo matching basis between the Government and the service provider to cover the necessary expenditure for establishing and operating an I&T accelerator to a ceiling subsidy of $30 million. The project duration is up to three years.

Upon its launch, PITAS received an enthusiastic response with over 50 applications. The Assessment Committee selected the above nine organisations for funding support based on a series of assessment criteria, including the experience of I&T enterprise service providers, operational models, capital and resources, quality of the management and project teams, and expected benefits to the I&T ecosystem in Hong Kong, etc.

Photo source: reference image

Details of PITAS are available on the website below (www.itf.gov.hk/en/funding-programmes/supporting-start-ups/pitas). For enquiries, please contact the Secretariat of the scheme (Tel: 3543 5904; email: pitas@itc.gov.hk).