Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The Shenzhen-Singapore cross-border data verification platform was launched on November 25, 2025, utilizing the FISCO BCOS blockchain technology to enhance data security and compliance in cross-border transactions [7][9] - The platform aims to facilitate two-way credit report verification between Guangdong and Singapore, leveraging the successful practices established in the Greater Bay Area [9][17] - FISCO BCOS serves as the underlying technology, providing a secure and efficient environment for digital asset applications and ensuring data integrity through hash verification [10][13] - The collaboration with Experian Singapore enhances the platform's credibility and acceptance in the international credit system, potentially becoming a key point for broader cross-border credit cooperation between the Greater Bay Area and ASEAN countries [16][17] Summary by Sections 1. Launch of the Shenzhen-Singapore Cross-Border Data Verification Platform - The platform operates on a model of "user self-transmission, platform hash verification," effectively separating original data from verification information to address compliance and security challenges in cross-border data flow [7][9] - It connects over 40 institutions and has implemented more than 15 use cases, covering the 9+2 city clusters in the Greater Bay Area [8][9] 2. FISCO BCOS as the Underlying Technology - FISCO BCOS is a domestic open-source blockchain platform designed for financial applications, supporting over 400 digital transformation projects across various sectors [10][11] - The platform's high performance and security features, including support for multiple consensus algorithms and privacy protection mechanisms, make it suitable for enterprise-level applications [11][12] 3. Experian Singapore's Role in ASEAN Cooperation - Experian Singapore, a key player in the local credit information infrastructure, enhances the platform's capability for cross-border credit verification [16][17] - The partnership is expected to improve the acceptance of verification results within Singapore's regulatory framework, facilitating broader credit cooperation in the region [17]

Core Insights - The article emphasizes that blockchain technology is becoming an indispensable infrastructure in the digital economy, with significant commercial value emerging in 2023 [2][5][10] Industry Overview - As of December 2023, there are 10,291 blockchain companies globally, with China and the United States leading at 2,802 and 2,697 companies respectively [4] - The 2023 Blockchain White Paper indicates that the commercial value of blockchain technology has reached a turning point, with many enterprises exploring its applications to enhance efficiency, reduce costs, and improve data security [2][4] Company Initiatives - WeBank has been involved in blockchain since 2015, co-founding the Shenzhen Financial Blockchain Development Promotion Association (Jinlianmeng) in 2016, and developing the FISCO BCOS blockchain platform, which became fully open-source in 2017 [5][6] - FISCO BCOS has achieved national certification as a blockchain financial technology product and has gathered over 100,000 individual developers and 5,000 institutions in its ecosystem [6][5] Application and Impact - The FISCO BCOS platform has been applied in over 400 digital transformation projects across various sectors, including finance, public services, and supply chain [6] - The establishment of the Guangdong-Hong Kong-Macao Cross-Border Data Verification Platform aims to enhance cross-border data cooperation and streamline financial services, significantly improving efficiency from days to minutes for certain banking processes [8][9][10] Future Outlook - The article suggests that the development of the digital economy presents new opportunities for blockchain technology, indicating a promising future for its commercial applications [10]