Core Viewpoint - The action plan aims to enhance cross-border financial cooperation between Hong Kong and Shenzhen, addressing long-standing issues of credit information asymmetry and establishing a framework for cross-border data flow and credit verification [1][3][6]. Group 1: Action Plan Details - The action plan outlines the establishment of a cross-border financial data flow mechanism and the promotion of cross-border credit trials [1][3]. - It aims to deepen the construction of cross-border data verification platforms, targeting the launch of over 20 financial application scenarios by the end of 2027 [1][3]. - The plan is designed to create a regulatory consensus and compliance boundaries for cross-border credit information verification [3][6]. Group 2: Market Demand and Trends - There is a rising demand for credit services among Hong Kong residents, who increasingly seek local credit cards and financing options for daily expenses and property purchases [2][5]. - Mainland banks are showing a positive attitude towards expanding their customer base in Hong Kong, focusing on key credit indicators during the evaluation process [2][5]. - The shift in cross-border financial needs reflects the deepening integration of the Guangdong-Hong Kong-Macao Greater Bay Area [2][5]. Group 3: Implementation and Progress - The pilot for cross-border credit verification began in 2024, with collaboration between credit institutions in Hong Kong and Shenzhen [5]. - As of October 2023, the cross-border credit verification initiative has facilitated loan approvals totaling 260 million HKD for over 10 businesses and individuals [5]. - The initiative addresses the challenges of credit information asymmetry that have historically hindered cross-border financing activities [6].