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Financial regulators from Hong Kong and China are starting to implement a joint project to launch a common system for verifying credit data. The Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC) have announced that testing has been completed and they are now moving to officially launch the pilot scheme. The goal is to establish reliable financial information exchange routes in the Greater Gulf, which includes Guangdong, Hong Kong and Macau.

At the heart of everything is a cross-border verification platform built on the blockchain. Separate nodes of this network have been installed in Hong Kong and Shenzhen, which together form a secure exchange system. Verification works by creating 64-bit hashes from the original credit information. These codes are sent between nodes to confirm that the data is real, but without disclosing their essence. This helps to preserve the privacy and security of personal information.

At this stage, seven banks and firms are involved in the project, including HSBC, Standard Chartered and Bank of China (Hong Kong), plus three credit rating agencies. Users of the platform will be able to request and verify credit reports through a single interface. This greatly speeds up the process, which previously dragged on due to approvals between banks and manual sorting of papers.

Meanwhile, HKMA shares news about developments in another area — the control of stablecoins. The rules, which began to take effect on August 1, 2025, have already attracted the interest of 36 companies that have applied for licenses. These include credit institutions, payment services, and online stores.

The blockchain for the exchange of credit data and the regulated stablecoin market are two sides of the same coin in updating the region's finances. Such steps show how distributed ledgers are moving away from trial to real-world use in key operations. The project strengthens the links between the financial systems of Hong Kong and China, laying the foundation for deep economic integration in the Greater Bay Area.