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2024-09-30
Recently, the Guangdong Sub-competition of the ‘Data Elements x’ 2024 Competition came to a close. The Guangdong-Macao cross-border data validation platform, with Infomacro as the Macao side operator, won the Third Prize in the Financial Services Track, standing out from the 1,131 projects in the Guangdong Competition.
This award not only demonstrates that the platform’s innovative application of using data elements to solve the problem of cross-border interconnection and interoperability has been highly recognized by the State Data Bureau but also implies that the platform has played an active role in promoting the integration and development of Guangdong and Macao.
The ‘Data Factor x’ 2024 Competition is the first national competition focusing on the development and application of data factors in China, and the Guangdong Sub-competition is organised by the Guangdong Provincial Government Services and Data Administration Bureau under the guidance of the National Data Bureau. The event is organised by the Guangdong Provincial Administration of Government Services and Data Management Bureau. The event deploys 12 industry tracks, including financial services, industrial manufacturing, modern agriculture, etc., based on the ‘Data Factor X’ Three-Year Action Plan (2024-2026), and attracts a total of 1,131 entries from enterprises and institutions, scientific research institutes and higher education institutions in and outside of the province.
The award-winning Guangdong-Macao Cross-border Data Validation Platform is a cross-border data validation platform coordinated and promoted by the governments of Hengqin and Macao after the release of the ‘Overall Plan for the Construction of Hengqin-Guangdong-Macao Deep Co-operation Zone’, and it is positioned as a digital infrastructure to serve the financial institutions in Guangdong and Macao. The platform uses FISCO BCOS, a domestic open-source blockchain that is in line with the mutual recognition of Guangdong and Macao’s ‘Health Codes’, and applies technical features such as blockchain trustworthy authentication and data fingerprinting, which not only solves the difficult problem of cross-border information authentication and enhances the transparency of financial information, but also reduces the transaction costs of Macao residents and enterprises in handling related businesses. It also reduces the transaction costs of Macao residents and enterprises in handling related businesses, which greatly facilitates the work, life and development of Macao residents in the Mainland.
Since its launch in 2022, the platform has provided cross-border business support to a number of branches and outlets of ICBC, China Construction Bank, Bank of China, Xiamen International Bank, Macao International Bank, etc. In 2024, the platform was connected with the local credit collection platform ‘Guangdong Xinrong’ to jointly build cross-border data verification services for Guangdong and Macao, forming a mode of cross-border data element flow that users can carry, with two-way interoperability between north and south, and data ‘availability and invisibility’. It has formed a cross-border data element flow mode in which users can carry across the border, two-way interoperability between the north and the south, and data are ‘available and invisible’, and has now achieved multi-point coverage in cities in the Greater Bay Area, including Guangzhou, Zhuhai, Foshan, Dongguan, Zhongshan, Huizhou, Jiangmen, Zhaoqing and Macao.
