Hong Kong and Shenzhen pilot cross-border credit checks

Hong Kong and Shenzhen have initiated a pilot program testing a new cross-border data verification platform within the financial sector. This platform, developed by Shenzhen’s WeBank, allows the verification of corporate and personal credit information across the border. The program involves entities like Shenzhen Credit Services, Nova Credit, Baihang Credit Services, Fusion Bank, and the Bank of East Asia. This initiative is part of a broader effort to establish a legal and regulatory framework for managing cross-border data flows, aiming to support the digital infrastructure for the Greater Bay Area and facilitate smoother business and financial operations.