Last Friday, at the Cross-Border Credit Reference and Data Verification Seminar, it was announced that the Hong Kong Monetary Authority and the People's Bank of China will regularize the Cross-Border Credit Reference (CBCR) program. Following the success of the pilot phase, it will further support the financial development of the Greater Bay Area. The Hong Kong Monetary Authority will continue to collaborate with relevant mainland regulators to explore further optimization of the Shenzhen-Hong Kong Cross-Border Data Verification Platform (DVP) in terms of data sources and types, geographic coverage, and customer experience and interface. 🏦 The results speak for themselves. CBCR and DVP have cumulatively facilitated over HK$260 million in southbound loans, meeting a wide range of needs and successfully helping Hong Kong businesses and residents obtain financing from mainland banks in the Greater Bay Area. 📈 We encourage banks to build on this momentum, serve the real economy, deepen Greater Bay Area integration, and make cross-border banking services more convenient. For more details, please refer to our new circular: CBCR DVP