Singapore and Shenzhen have started trialling a pioneering platform for cross-border data validation, creating the first digital infrastructure of its kind between Singapore and Guangdong province. This initiative is a major step forward for future digital cooperation between the Greater Bay Area and the countries of ASEAN, reports TNGlobal.
The Singapore-Shenzhen Cross-Border Data Validation Platform, announced at the 15th Singapore-Guangdong Cooperation Council meeting, is now operational in a trial phase. It was developed to tackle complex issues of compliance, security, and trust when sending information across borders.
The technology allows a user to initiate a data transfer, followed by a platform-based hash verification. The system does not actually transmit or hold the user’s original, sensitive data; instead, it uses cryptographic techniques to verify the data’s authenticity and integrity, ensuring secure and efficient portability in line with regulations. This method also gives users control over their own information, letting them download their data and independently transmit it to recipients while authorising the specific use and scope.
The platform is a joint effort between Singapore’s Accredify and the China (Qianhai) Internet Exchange in Shenzhen, with technical architecture and support provided by WeBank, China’s first digital bank. Support has also come from Enterprise Singapore, the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, and the Commerce Bureau of Shenzhen Municipality.
[See more: Hong Kong, Shenzhen to deepen finance and AI cooperation]
The CEO of Accredify, Quah Zheng Wei, stated that this platform offers a blueprint for digital collaboration between the Greater Bay Area and ASEAN nations. He highlighted its credible approach to validating documents and ensuring compliant cross-border data transfer.
Currently, the trial is focusing on cross-border financial services, guided by the Shenzhen Branch of the People’s Bank of China. For instance, Baihang Credit is using the system to verify the personal credit reports of business owners across borders. This directly addresses a common hurdle for companies trying to expand between China and Singapore: the difficulty of proving creditworthiness in a new market.
The concept of a cross-border data verification model has already proven successful within the Greater Bay Area. The Shenzhen-Hong Kong Cross-boundary Data Verification Platform has completed over 2,300 transactions since its launch. This existing system has helped Hong Kong residents access loan services in Shenzhen, facilitated over HK$100 million (US$12.82 million) in funding for Hong Kong subsidiaries of mainland small and medium-sized enterprises (SMEs), and reduced the time needed to verify admission letters from Hong Kong universities for mainland Chinese students paying tuition fees.
Future plans for the Singapore-Shenzhen platform include expanding beyond financial services to add more data sources and use cases, further deepening the digital connectivity between the two major trade hubs.
