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The Greater Bay Area Tests New Data Exchange Platform

Hong Kong and Shenzhen have started to test a cross-border data verification platform, as they take the first steps in enabling the exchange of business data in the financial industry across the Greater Bay Area (GBA), the South China Morning Post reported. The pilot program is expected to cover more sectors in the future, including healthcare and daily-life services. The pilot program aims to build the infrastructure needed to support cross-border digital services and will reportedly make life and business more convenient in the GBA.

The first phase of the pilot program will focus on the cross-border verification of credit reports by credit reference agencies and commercial banks. Shenzhen Credit Services and Nova Credit in Hong Kong will use the platform to verify corporate credit reports. Shenzhen-based Baihang Credit Services and Fusion Bank in Hong Kong will use it to verify credit information. Credit verification is important for banks and financial institutions as it helps assess clients. In the past, the process had been affected by restrictions on cross-border data transfers between the mainland and Hong Kong.

In December 2023, the Cyberspace Administration of China and the Hong Kong Innovation, Technology and Industry Bureau issued the Guidelines for Implementing the Standard Contract for the Cross-Boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland and Hong Kong) (粤港澳大湾区（内地、香港）个人信息跨境流动标准合同实施指引 (Greater Bay Area Standard Contract Guidelines). According to Ding Zhengan, Director of the Information Network Committee of Guanghe Law Firm, the Greater Bay Area Standard Contract Guidelines simplify the registration procedures for cross-border data flows. It has obvious effects on cost reduction and efficiency improvement. It plays a positive role in further promoting the safe cross-border flow of data and provides a stable foundation for the introduction of new cross-border data regulations.