China Merchants Bank uses blockchain for e-invoicing

Friday 11 January 2019 10:18 CET | News

China Merchants Bank has started using the Shenzhen Taxation Bureau’s pilot of the blockchain e-invoicing tool launched in November 2019.

In addition to using the platform in-house, the bank plans to enable clients to use the tax bureau’s blockchain. The idea is to extend the bank’s integrated payment solution to provide e-invoicing for SME merchants without the merchants needing to get involved in software development.

The tax departments are keen for the integration because it makes it harder for companies to duplicate invoices when claiming deductions. Several countries are exploring or have rolled out tax e-invoicing platforms, though most don’t yet use blockchain. In addition to the deductions issue, they can monitor sales tax or VAT receipts.

This isn’t China Merchants Bank’s only blockchain endeavor. It was one of the first to execute a blockchain Letter of Credit on the “China Trade Finance Inter-bank Trading Blockchain Platform” which was announced in late December 2018.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: China Merchants Bank, blockchain, China, Asia, APAC, e-invoicing, blockchain e-invoicing service, Shenzhen Taxation Bureau, integrated payment solution, VAT receipts
Countries: World