WeBank Technical Services Demonstrates Shenzhen-Hong Kong Cross-Border Data Verification Platform at Data Conference 2025
Shenzhen-Hong Kong Cross-Boundary Data Validation Platform (DVP) Enhances Financial Services
The Shenzhen-Hong Kong Cross-Boundary Data Validation Platform (DVP) was launched in May 2024, marking a significant step forward in facilitating secure and efficient cross-boundary financial services between Shenzhen and Hong Kong. The collaborative platform, co-operated by WeBank and supported by the Hong Kong Monetary Authority (HKMA), is designed to validate and share authoritative data across sectors such as finance and public services from mainland China and Hong Kong.
The DVP plays a crucial role in promoting financial inclusion and cross-boundary financial services in the Greater Bay Area. By allowing residents and enterprises operating between Shenzhen and Hong Kong to access reliable validation of cross-border data, the platform supports seamless financial transactions and regulatory compliance. It also removes barriers caused by fragmented data sources, enabling smoother access to financial services for individuals and businesses in the region.
The DVP is a next-generation cross-boundary data infrastructure, developed under the guidance of multiple organizations, including the HKMA and Shenzhen Municipal Cyberspace Administration. It operates jointly by the China (Qianhai) Internet Exchange (CNIX), Shenzhen Credit Service Co. Ltd, and WeBank Technology Services.
At the 2025 Data Summit, hosted by the HKMA and attended by over 800 representatives from various sectors in Hong Kong, Huiya Yao, Head of Fintech Innovation at WeBank, shared updates about the DVP. The platform has already served more than 10 business entities and is being used in various scenarios, including cross-boundary credit assessment and financing.
One of the key benefits of the DVP is its ability to enable trusted validation of personal and corporate data through hash-based verification, without transferring or storing original data files. This ensures a secure and compliant channel for data exchange.
WeBank Technology Services, responsible for the overall architecture design and technical support of the DVP, showcased its latest developments during the summit. Notable examples include Fusion Bank's use of the DVP to approve over HKD100 million in loans for Hong Kong affiliates of GBA SMEs by cross-boundary verification of credit information.
Looking ahead, the DVP aims to integrate more diverse data sources and deepen data connectivity across the Greater Bay Area. For instance, ICBC Asia plans to use the DVP to verify customers' Central Bank Individual credit reports and other data types, supporting talent schemes like the "Top Talent Pass Scheme (TTPS)" and "Quality Migrant Admission Scheme (QMAS)".
The DVP's launch and development reflect Hong Kong's commitment to financial infrastructure innovation, as emphasized by Eddie Yue, the HKMA Chief Executive, during his keynote address at the summit. The platform is poised to act as a foundational infrastructure to enable trusted data flows, reduce friction in financial services, and drive inclusive economic growth within the Greater Bay Area's interconnected economy.
The DVP, a significant collaborative effort by WeBank and the Hong Kong Monetary Authority (HKMA), has integrated technology to validate cross-border financial data, thereby supporting business transactions and regulatory compliance. Additionally, the DVP's secure data exchange method, utilizing hash-based verification, is crucial in promoting trust and compliance within the technology-driven finance sector.
