Successfully paid $ 100,000 in 2 minutes, the cross-border financial blockchain service platform completed its first show in Xiamen

Source of this article: Xiamen.com, the original title "It only takes two minutes! Cross-border financial blockchain service platform completes new business debut in Xiamen》

Author: Xiamen Daily reporter Chen Gang Chen Dongjie mud correspondent Wu Li Qian

[Comparison of two modes of tax filing for external payments]

Three major disadvantages of traditional manual processing mode

• Supervision Requirements for STO in China's Legal System——Analysis of Legal Provisions
• Circle's broken arm survives: layoffs, sell OTC department, specialize in stablecoin business
• What does the country want to do with blockchain? Supervised by Zhu Jiaming, Meng Yan and others

● It takes many round trips and it takes a long time

● Repetitive use of tax filing forms makes it difficult for banks to identify and pay high foreign exchange risks

● Tax authorities and foreign exchange administrations cannot obtain the foreign exchange information actually paid by domestic institutions and individuals in a timely and accurate manner, and subsequent supervision is difficult

Three advantages of cross-border financial blockchain service platform

● Online submission of applications, paperless operation of the whole process, short time

● Banks can quickly and accurately judge the authenticity of cross-border service trade of enterprises and reduce the risk of foreign exchange payment

● Tax authorities and foreign exchange administrations have real-time electronic data of payers, effectively preventing the management risks of cross-border foreign exchange payment business

Now, cross-border payments operate like this

On December 16, at Xiamen Branch of China Construction Bank, the financial manager of Xiamen Xiashun Aluminum Foil Co., Ltd. Zhang Yongyou successfully completed a tax 100,000 USD tax filing information inspection and completed the external transaction through the "cross-border financial blockchain service platform". The payment took just over 2 minutes. This is the nation's first cross-border financial blockchain service platform for external payment tax filing electronic scenario business. It is also a new model of tax, exchange, banking, and enterprise cooperation for a win-win situation in the new digital era. Another move.

"The payment was completed in just over 2 minutes. It took two or three days to complete the external payment business. With the cross-border financial blockchain service platform, the tax bureau and banks will not have to run in the future. It is really fast and fast. Convenient. "Zhang Yongyou said happily.

In addition to Xia Shun Aluminum Foil Co., Ltd., Xiamen Port Shipping's China Xiamen Ocean Shipping Agency Co., Ltd. and Xiamen Shangzhong Online Technology Co., Ltd. also successfully handled business in this application scenario on the 16th. The three companies handled a total of US $ 650,000 in external payments.

The traditional model has a long processing time and is difficult to supervise

The cross-border financial blockchain service platform was planned and developed by the State Administration of Foreign Exchange in conjunction with China Banknotes Credit Card Industry Co., Ltd., and it is the only blockchain platform currently registered by the central state agency at the State Internet Information Office. The State Administration of Foreign Exchange has recently added the “Electronic Record of External Payment Tax Filing” application scenario, and has taken the lead in landing in Xiamen to open the “Xiamen Model” for this scenario.

This application scenario mainly solves practical problems such as inconvenience to enterprises and difficult management of risks. It is understood that there are some disadvantages in the traditional manual processing of tax filing for external payments, such as the need for multiple round trips by filing parties, and the duration of processing; repeated use of tax filing forms, difficulty in identifying by banks, high risk of foreign exchange payment, and tax authorities, foreign exchange The Administration could not obtain the foreign exchange information actually paid by domestic institutions and individuals in a timely and accurate manner, and subsequent supervision was difficult.

This new application scenario integrates the data of the four parties of the enterprise, taxation, foreign management, and banks. The tax department and the payment bank are automatically connected through the blockchain platform to transfer data in real time. Enterprises do not need to submit materials through offline means when they handle external payment business. They only need to log in to Xiamen Electronic Taxation Bureau, enter relevant modules to enter tax filing information, and a preliminary filing form can be generated. The preliminary filing information then enters the blockchain platform. . The recorder then directly goes to the bank to handle foreign exchange payment with the record number and verification code generated by the online record. Relying on the blockchain platform, banks can quickly check the authenticity and uniqueness of the preparation form, and after the verification is passed, a formal filing form can be generated to complete the foreign exchange payment.

Effectively prevent management risks of cross-border foreign exchange payment business

For enterprises, submitting tax filing applications and foreign exchange payment applications online, and the paperless operation of the entire process, which greatly reduces the company's labor costs and operating costs; banks, can use the platform to query and effectively verify the tax filing information, fast and accurate To judge the authenticity of cross-border service trade of enterprises, and reduce the bank's foreign exchange payment risk. The tax authority and the State Administration of Foreign Exchange can monitor the status of the filing form through this platform, grasp the real electronic data of the payer in real time, obtain the information of actual foreign exchange payment, effectively prevent the management risks of cross-border foreign exchange payment business, and achieve a win-win situation for multiple parties.

The cross-border financial blockchain service platform's efficient application of electronic filing for external tax filings has fully verified the reliability, efficiency, and convenience of blockchain technology in this business scenario. Create an application ecology with convenient handling, precise risk control, and optimized business environment. As of now, four companies in our city have paid a total of 46 million yuan in external payments through this platform, and Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China will follow up this application scenario.

In addition to the careful guidance of the Xiamen Foreign Exchange Administration, Xiamen's first single order landing in the country this time is inseparable from the rapid response of Xiamen Construction Bank, which attaches great importance to and actively explores the application of "blockchain + trade finance" technology. China Construction Bank's head office was the first to launch a blockchain trading financial platform among its peers. Currently, the platform ’s trade financing volume exceeds RMB 400 billion, and it has achieved breakthroughs in multiple service scenarios such as international factoring and logistics financing. Enhance the comprehensive trade and financial service capabilities of SMEs and small and micro enterprises.

[Link] Cross-border financial blockchain service platform

The cross-border financial blockchain service platform is a block chain technology-based foreign exchange business facilitation application platform launched by the State Administration of Foreign Exchange “Unified Planning, Unified Platform, Unified Development, and Promotion”, developed by the China Banknotes Credit Card Industry The company's development and operation is the only blockchain platform currently filed by the central state agency in the State Internet Information Office.

The platform has now applied export receivables financing and corporate cross-border information authorization verification scenarios. Since its launch in July this year, export receivables have been funded by US $ 400 million, and companies have authorized 26 companies to check credit information. Achieve full coverage and effectively solve the problems that plague banks' financing, difficulty in monitoring risks, and difficulties in department supervision. The new scene of facilitation of foreign exchange payment in service trade was approved by the State Administration of Foreign Exchange, and Xiamen is one of the two pilot cities nationwide.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!