The first phase of the Guangdong-Macao cross-border data validation platform was launched on March 18 with financial information as the pilot area, and the first cross-border application for banking business was launched at the same time. This is another innovative practice of Guangdong and Macao to accelerate the convenient and orderly flow of cross-border data and to explore the establishment of an open, cooperative and exemplary cross-border digital service integration after the official release of the “Outline of the Plan for the Development of the Greater Bay Area of Guangdong, Hong Kong and Macao” and the “Overall Plan for the Construction of Hengqin-Guangdong-Macao Deep Co-operation Area”.

As the technology provider of the platform, Vanguard, together with renowned operators and technical teams in Guangdong and Macao, jointly researched and built the Guangdong-Macao cross-border data verification platform, which provides efficient cross-border data verification infrastructure for organizations in Guangdong and Macao, and in turn, provides convenient cross-border service experience for residents and enterprises in the two places. The technical solution of the platform is similar to the cross-border mutual recognition of Guangdong and Macao health codes. The original documents are operated by the users independently online across the border, and its verification capability is developed by the platform based on the FISCO BCOS, a domestic open-source blockchain underlying platform, which ensures the authenticity and reliability of data as well as privacy and security by virtue of blockchain’s non-tampering and traceability.

While providing efficient and convenient cross-border services, the Guangdong-Macao cross-border data verification platform has made great efforts on “security” and “compliance”. The platform development organizations all have rich experience in building data platforms. In the pre-development stage, the team has clearly divided the work and gathered wisdom and strength, and conducted several rounds of discussions on products and technical solutions for different scenarios, businesses and data requirements on the network, and spent one whole year on the design and development of the platform.

The Guangdong-Macao cross-border data verification platform is an open platform, and a number of banking institutions in Guangdong and Macao are discussing the launch of services on the platform, and it is expected that a number of application services will be launched within this year. It is expected that a number of application services will be launched within this year. As the operation of the platform matures, all parties involved in the project will promote the expansion of the platform services to more financial institutions in the Guangdong, Hong Kong and Macao Greater Bay Area, and at the same time, further explore the extension of the platform services to other application areas.

–Some content is extracted from CCTV News