HKAB supports the Cross-boundary Credit Referencing (CBCR) initiative
(10 October 2025) - The Hong Kong Association of Banks (HKAB) fully supports the Cross-boundary Credit Referencing (CBCR) and the Shenzhen-Hong Kong cross-boundary data validation platform (“the platform”) to facilitate the exchange of credit reference information between Hong Kong and Chinese Mainland. Jointly driven by the Hong Kong Monetary Authority (HKMA) and Chinese Mainland authorities, these two initiatives mark a significant step toward enhancing cross-boundary financial cooperation.
The HKAB also welcomes the successful completion of the CBCR pilot programme, driven jointly by the HKMA and the People’s Bank of China, and the establishment of a comprehensive regulatory framework. These underscore the unwavering commitment of both Hong Kong and Chinese Mainland to fostering a robust and interconnected financial ecosystem.
The HKAB is pleased to see that the platform is achieving encouraging progress with the joint promotion of the HKMA and relevant authorities in Chinese Mainland. The platform has successfully assisted banks in verifying customers' cross-boundary documents in various use cases (e.g. account opening, remittances and lending), helping banks to seize the opportunities arising from the continued development of the Greater Bay Area.
We encourage our member banks to well utilise the CBCR and the platform for cross-boundary credit data transfer and verification, so as to optimise the efficiency of their customer due diligence and enhance credit approval process, meeting the needs of corporates and individuals for cross-boundary banking services and promoting further integration across boundaries.
The HKAB remains committed to supporting local and cross-boundary initiatives that promote economic cooperation and innovation in the financial sector.
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