According to Odaily Planet Daily, Hong Kong Monetary Authority Deputy Chief Executive Ruan Guoheng stated that they have decided with the People's Bank of China to regularize the "cross-border credit information interconnection" pilot program, which will be launched in 2024. The pilot program covers the Guangdong-Hong Kong-Macao Greater Bay Area and will be piloted first in Hong Kong and Shenzhen. Participating institutions include seven local retail banks in Hong Kong, including HSBC, Standard Chartered, and Bank of China (Hong Kong), and three local credit reporting agencies. The pilot program has incorporated the Shenzhen-Hong Kong Cross-Border Data Verification Platform. This platform uses blockchain technology and has established nodes in Hong Kong and Shenzhen. Users independently obtain personal or corporate data from data providers and upload it to a designated platform. A 64-bit hash code is generated using an encryption algorithm. The other party (data user) crosses the border with the same 64-bit hash code, thus ensuring the legal cross-border transfer of data and ensuring that it cannot be tampered with by users. (Caixin.com)