In recent years, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has been accelerated, resulting in the intertwining of the flows of people, goods and capital. The cities in the Greater Bay Area have attracted many Macao residents to come to live and work in them. However, as they usually live in the Mainland for a certain period of time and their financial footprint is relatively shallow, they usually need to travel across the border to submit information and conduct business if they want to conduct financial services in the Mainland, such as applying for a credit card or credit facilities, which involves a long process path, high legacy costs and a poor experience. In addition, it is difficult for financial institutions to verify the truthfulness, completeness and accuracy of the information provided by overseas customers, and there is a general problem of unreliable data. Similarly, Mainland residents who go to Macao to conduct financial transactions also face these problems.

In order to break the blockage of cross-border data flow and enhance the experience of cross-border financial services, the Guangdong Branch of the People’s Bank of China has promoted the connection and linkage between the ‘Yuexinrong’ platform and the ‘Guangdong-Macao Cross-border Data Verification Platform’, which has been formally uploaded to the website. The ‘Yuexinrong’ Guangdong-Macao cross-border data verification service provides a new channel and a new solution for the compliant, safe and convenient flow of data between Guangdong and Macao.