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HK Banks Reportedly Propose Establishing Convenient Channels to Verify Mainland Customer Info
Some local banks proposed that the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC) explore establishing convenient channels for banks to verify accoun...
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HK Banks Reportedly Propose Establishing Convenient Channels to Verify Mainland Customer Info
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Some local banks proposed that the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBOC) explore establishing convenient channels for banks to verify account holder information, making the account opening process more efficient and helping to prevent fraud, reported the Hong Kong Economic Journal.

For example, through an information platform established by regulatory bodies in Mainland China and Hong Kong, local banks can query the platform to verify the authenticity of the information of individuals applying to open accounts.

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A spokesperson for the HKMA responded that the Authority has been actively cooperating with Mainland regulators to support banks in advancing cross-border data usage through financial technology under orderly, safe, and compliant conditions.

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