The Shenzhen-Hong Kong cross-border financial pilot has achieved a substantial breakthrough.

The first loan for Hong Kong residents in mainland China relying on the Shenzhen-Hong Kong Cross-Border Data Verification Platform has been successfully issued through the collaboration of Agricultural Bank of China’s Shenzhen Branch, Baihang Credit, and Hong Kong’s TransUnion.

This pilot project innovatively applied the Shenzhen-Hong Kong Cross-Border Data Verification Platform by Agricultural Bank of China’s Shenzhen Branch. With full authorization from information subjects, it achieved efficient verification of Hong Kong residents’ credit data, successfully completing mainland consumer credit line approvals for three Hong Kong youth employed at the Qianhai Shenzhen-Hong Kong Youth Dream Workshop, and realizing the first mainland consumer loan issuance for Hong Kong residents through data verification.

This pilot project features three new highlights:

First, it pioneered the northbound cross-border verification of Hong Kong residents’ credit data, specifically addressing the difficulty of qualification assessment for Hong Kong residents coming to Shenzhen due to lack of mainland credit history, thereby lowering the cross-border financing threshold and enhancing the diversity and inclusivity of financial services.

Second, it implemented the “individual self-carrying mode” using blockchain technology and other means, adopting a transmission-verification separation approach. This achieves trustworthy cross-border data verification while fully protecting individuals’ rights to information and consent.

Third, it created an innovative service process, implementing the “Action Plan for Supporting Qianhai’s High-Quality Financial Development (2025-2026)” issued by Shenzhen earlier this year, providing replicable cross-border data solutions for financial institutions in both Shenzhen and Hong Kong, and promoting deeper economic and trade integration in the Greater Bay Area.

“Through assessing my Hong Kong data records, Qianhai Agricultural Bank approved a pure credit loan limit for me, which is very convenient with borrowing and repaying at any time. I hope data connectivity between the two regions continues to improve, making financial services, medical services, and document verification increasingly fast and convenient,” said a Hong Kong representative working at Yadi Accelerator, a company based in the Dream Workshop.

“The core of this pilot is using blockchain technology to address data verification bottlenecks in traditional cross-border financial services, eliminating ‘certification troubles’ for dual-city living, and providing convenient, inclusive, and efficient financial services for Hong Kong residents and businesses coming to Shenzhen,” stated a representative from Agricultural Bank of China’s Shenzhen Branch. The pilot will initially serve Hong Kong youth employed or starting businesses at the Qianhai Shenzhen-Hong Kong Youth Dream Workshop.

The Product Director of the Market Department at the National (Shenzhen·Qianhai) New Internet Exchange Center mentioned that with strong promotion and support from both Shenzhen and Hong Kong, the successful implementation of the first batch of mainland consumer loans for Hong Kong residents based on the platform’s “transmission-verification separation mode” not only ensures safe and compliant cross-border data flow for Hong Kong residents but also efficiently breaks down financial data flow barriers between Shenzhen and Hong Kong, effectively addressing the pain points of Hong Kong residents lacking mainland information and facing difficulties in obtaining cross-border loans.

The Shenzhen-Hong Kong Cross-Border Data Verification Platform is operated on the Shenzhen side by the National (Shenzhen·Qianhai) New Internet Exchange Center and Shenzhen Credit Service Co., Ltd., with WeSure Technology Limited as the Hong Kong side platform operator and WeBank providing overall solution design and technical support. The platform itself does not involve cross-border transmission or storage of original data files, only providing verification services to business scenario institutions through hash values, meeting cross-border data regulatory requirements while ensuring secure, efficient, and orderly data flow.

Previously, the platform had successfully implemented core scenarios such as cross-border financing and corporate account opening, helping mainland small and micro enterprises raise nearly 100 million yuan in Hong Kong. As the next step, the platform will serve as important infrastructure for Shenzhen-Hong Kong financial market connectivity, expanding to scenarios including cross-border trade settlement and wealth management, encouraging more financial institutions to participate, and providing a “Qianhai model” for national cross-border financial data services and data governance.

This year, Qianhai has accelerated innovation in cross-border data element circulation, launching products including the Shenzhen-Hong Kong Data Center, Qianhai Medical Cross-Border Data Space, and the Enterprise Overseas Data Cross-Border Compliance Service Platform, speeding up the development of future-oriented new infrastructure and data service systems.

Beyond finance, significant progress has also been made in the medical field. For example, in April, the “S

Shenzhen-Hong Kong Cross-Border Data Verification Platform

The Shenzhen-Hong Kong Cross-Border Data Verification Platform is a digital infrastructure initiative launched in 2021 to facilitate secure and efficient data exchange between mainland China and Hong Kong. It was developed to support the Greater Bay Area integration by enabling trusted cross-border data flows for businesses and government services, using blockchain technology for verification while complying with data security laws. This platform represents a key step in deepening economic and technological cooperation between Shenzhen and Hong Kong.

Agricultural Bank of China

The Agricultural Bank of China (ABC) is one of the country’s “Big Four” state-owned commercial banks, founded in 1951 to support the development of China’s rural economy and agricultural sector. It has since evolved into a comprehensive financial institution with a vast domestic and international presence, playing a key role in financing rural revitalization and modernizing China’s financial system.

Baihang Credit

“Baihang Credit” refers to China’s national personal credit reporting system, officially known as the Financial Credit Information Basic Database. It was established by the People’s Bank of China and launched in 2006 to collect and standardize financial credit data from banks and institutions. The system evaluates individuals’ creditworthiness to improve financial risk management and promote a credit-based society in China.

TransUnion

TransUnion is a consumer credit reporting agency founded in 1968, originally as the holding company of the Union Tank Car Company. It later expanded into credit reporting by acquiring the Credit Bureau of Cook County and now operates as one of the three major credit bureaus in the United States. The company maintains credit histories on individuals and provides credit monitoring and identity protection services.

Qianhai Shenzhen-Hong Kong Youth Dream Workshop

The Qianhai Shenzhen-Hong Kong Youth Dream Workshop is a modern innovation hub established in Qianhai, Shenzhen, to foster entrepreneurship and collaboration among young people from mainland China and Hong Kong. Launched as part of Qianhai’s development into a demonstration zone for deeper cooperation between Shenzhen and Hong Kong, it provides resources, mentorship, and networking opportunities for startups. Its history reflects China’s broader strategy to integrate the two regions economically and support youth-driven innovation in the Greater Bay Area.

Yadi Accelerator

I am not familiar with a notable place or cultural site called the “Yadi Accelerator.” It is possible this name refers to a specific scientific facility, a project within a company, or may be a mistranslation. Without more context, I cannot provide a reliable summary.

National (Shenzhen·Qianhai) New Internet Exchange Center

The National (Shenzhen·Qianhai) New Internet Exchange Center is a major internet infrastructure hub established in the Qianhai district of Shenzhen. It was created to enhance data exchange efficiency and network performance across southern China, supporting the region’s growing digital economy. The center represents a key part of China’s strategy to develop advanced internet infrastructure and promote technological innovation.

Shenzhen Credit Service Co., Ltd.

Shenzhen Credit Service Co., Ltd. is a commercial enterprise established in Shenzhen, China, primarily providing credit reporting and risk management services. It operates as part of the region’s financial infrastructure, supporting the city’s development as a major economic and technological hub.