One of China’s leading commercial banks is expanding the scope of use of blockchain-based tax invoices.
An executive from the Nanjing branch of China Merchants Bank said to Cebnet.com.cn that the lenders had incorporated China Merchants Fund (招商基金) and Zhelian Consumer Finance (招联消费金融) into Shenzhen’s blockchain e-invoice platform, to issue the first ever blockchain e-invoices for the fund and consumer finance sectors.
The blockchain-based e-invoices are an initiative led by Shenzhen’s tax department, and employ technology that was independently developed by Chinese internet giant Tencent.
China Merchants Bank was one of the first financial institutions to signed up with the “blockchain + novice” system, issuing the blockchain e-invoice in the banking sector on 1 November.
According to CMB the upgrade of its blockchain e-invoice services platform will enable it to rapidly integrate other companies into the tax department system reducing their invoicing costs while also providing them with data security and privacy protection at the level of a major commercial bank.
CMB said that it would also provide small and medium-sized businesses with “online acquiring + online invoicing” integrated payments solution plans” which will achieve “payment voucher and invoice integration.”
This will provide consumers with “rapid, real-time invoicing” with “zero cost, zero development and zero difficulty” via blockchain e-invoices.