China Merchants Bank (CMB) has just issued the first financial sector blockchain-based electronic fapiao (invoice) in the Guangzhou area.
CMB reportedly issued the blockchain e-fapiao on 19 January to a real-estate loan client, becoming the first financial institution in the Guangzhou area to make use of the technology in this context.
In June 2018 Guangzhou municipality’s tax department launched China’s first blockchain-based tax invoicing system – the Shui Lian (税链) or “Tax Link” system.
The goal of the system was to ensure the authenticity of digitised tax invoices, also referred to as fapiao in Chinese, by maintaining a comprehensive log of data on both issuers and recipients.
CMB officially launched its own Guangzhou Blockchain E-piao Services Platform (区块链电子发票服务平台) in July 2019, following extensive cooperation with the municipal tax department.
In September of the same year the Platform successfully issued its first blockchain e-fapiao to a customer in Guangzhou catering sector.
The Platform is a blockchain fapiao service provider that is directly linked to the Shenzhen and Guangzhou municipal tax authorities, and is capable of issuing e-fapiao’s for bank customers.
It provides integration services on behalf of vendors, covering a full range of invoicing services including issuance, transfer and reimbursement.
The Platform has reportedly integrated with 3066 fapiao issuing units in the region, and was responsible for the issuance of 74,000 electronic fapiao in the city of Shenzhen in the month of December alone.