According to TechFlow, on September 13, according to Jinshi Data, in order to further optimize the business environment and improve the convenience of cross-border tax payment, since February 2024, the Shanghai headquarters of the People's Bank of China has cooperated with the Shanghai Taxation Bureau of the State Administration of Taxation to actively explore new models of cross-border remittance and tax payment business, and use blockchain technology to realize overseas remittances, tax payments, warehousing and other cross-border electronic tax payment business "one-stop" online processing, effectively resolving the three major pain points of cross-border remittance and tax payment of non-resident enterprises: "multiple running", "high costs" and "difficulty in foreign exchange settlement".

As of the end of August 2024, Shanghai's new cross-border remittance tax payment business model has completed tax payments of 1.486 billion yuan in total. The pilot banks include the city's Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China. The currencies involved are RMB, US dollars, euros, yen, etc., and the taxes involved are corporate income tax and stamp duty.