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Economy · Fintech
CMB becomes China's first bank to issue blockchain e-invoice
2018/11/02 06:31:30
China's News, China's Financial News, CMB

Nov 02, 2018 (China Knowledge) - China Merchants Bank (CMB), Shenzhen branch, has successfully issued its first blockchain electronic invoice. The achievement makes CBM the first bank ever to issue blockchain electronic invoice in China.

The bank management said that blockchain technology has the characteristics of complete traceability and the information cannot be tampered with. It is highly consistent with invoice logic and demand, can effectively avoid false invoices and is able to improve the invoice supervision process.

Blockchain electronic invoices connect each invoice stakeholder to facilitate tracing invoice’s sources, authenticity and reimbursement information. It can solve the problems of over-reporting of one vote, false declaration and can significantly reduce the operating costs and tax risks.

After confirming the intention of project cooperation, the bank completed the development of blockchain electronic invoice system in just over a month, and connected it to the blockchain platform of Shenzhen Tax Bureau to provide customers with a new experience of issuing blockchain electronic invoice. At the same time, China Merchants Bank, as a direct link of the blockchain platform of Shenzhen Tax Bureau, can also provide blockchain electronic invoice agent access services to other enterprises.

The bank has continuously put into operation many blockchain application projects, such as cross-border payment, inter-industry contract, ABS and bill transfer, since it started building blockchain application scenarios in 2016.

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