Ant Financial, Tungkong to Develop Blockchain Invoices

Ant Financial, Tungkong to Develop Blockchain Invoices

Tang Shihua

Date: Tue, 09/18/2018 - 17:11 / source:Yicai
Ant Financial, Tungkong to Develop Blockchain Invoices
Ant Financial, Tungkong to Develop Blockchain Invoices

(Yicai Global) Sept. 18 -- A unit of China's fintech giant Ant Financial Service Group and smart card maker Tungkong Security Printing will join hands to create blockchain-based invoices and promote their use among the latter's clients. 

Tungkong signed a framework agreement with Ant Cloud Financial Information Service, under which the Beijing-based financial data firm will provide blockchain architecture, training and technical support to Tungkong, the Jinan-based identification card maker said. Tungkong will promote these services to its customers in the fields of taxation, finance and banking.

The parties will develop invoices, known in China as fapiaos, which consumers can trace via Ant Financial's payment application Alipay or through the State Administration of Taxation's Ruihong platform. 

The two firms will also work together to bring Tungkong's clients such as insurers' and banks' services available to consumers through Alipay. 

Editor: Emmi Laine 

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Keywords: Fintech, BLOCKCHAIN, new products development, R&D, Business Partnership, ANT FINANCIAL, Alibaba, Alipay, Tungkong