On April 15, under the guidance and support of Tianjin Municipal Taxation Bureau and Tianjin Dongjiang Free Trade Port Zone Taxation Bureau, SY Commercial Factoring Co., Ltd., a fully -owned subsidiary of SY Holdings Group Limited ("SY Holdings" or the "Group", Stock Code: 6069.HK), successfully implemented the "digital RMB + tax payment" application scenario, smoothly completing corporate income tax, personal income tax, stamp duty, and value-added tax payments. This achievement marks a significant step forward in promoting digital RMB adoption in taxation.
As the central bank's digital currency issued by the People's Bank of China, digital RMB represents not only critical financial infrastructure in the digital era but also a key component of China's digital economy upgrade. This innovative tax payment method features "settlement upon payment," "controlled anonymity," and "traceability under law," offering advantages like zero transaction fees, offline payment capability, and instant settlement. These characteristics substantially reduce taxpayers' financial and time costs while delivering faster processing, superior experience, and enhanced privacy protection.
The digital RMB tax payment initiative forms part of the State Taxation Administration's "Tax Convenience Spring Breeze Action" campaign. Its innovative application in taxation improves fund settlement efficiency, diversifies payment channels, and optimizes both business environment and taxpayer experience. According to tax authorities, taxpayers simply need to activate a digital RMB wallet at their bank, log into the electronic tax system to register deposit accounts, then authorize online tax payment agreements to independently obtain payment information and complete tax settlements using digital RMB - achieving truly "zero in-person visits" to tax offices or banks.
▲国家税务总局天津东疆综合保税区税务局工作人员上门辅导
"Tax bureau staff conducted multiple on-site guidance sessions, explaining applicable preferential policies while helping us understand digital RMB payment procedures and benefits, which enabled our successful adoption of this new function," stated SY's financial representative. Beyond operational simplicity, "digital RMB + tax payment" delivers significant cost reductions. First, digital RMB wallets eliminate geographic restrictions, solving cross-provincial tax payment challenges - temporary business operators no longer need local bank accounts, as digital RMB wallets enable immediate tax agreement signing and payment. Second, interbank and cross-region fund transfers via digital RMB wallets incur no fees, substantially cutting corporate costs. Third, smart contract functions like automatic deductions and policy reminders can meet enterprises' intelligent, customized tax payment needs.
Since the digital RMB pilot launch, SY has actively explored innovative applications, pioneering multiple industry firsts including: "Tianjin's first digital RMB + supply chain finance transaction," "Zhejiang's inaugural digital RMB + factoring deal," "Jiangsu's largest single digital RMB factoring transaction (RMB 100 million)," "industry's first digital RMB + smart contracts + charitable donation," "sector's maiden digital RMB + smart contracts + construction worker salary payment," and "first digital RMB + employee payroll distribution." During holidays, SY leverages digital RMB factoring's advantages - 24/7 large-amount lending and zero-fee withdrawals - to ensure uninterrupted supply chain financial services with interest concessions, meeting client financing needs anytime, anywhere.
Looking ahead, SY will continue advancing "digital RMB + smart contracts + supply chain finance" innovations. By utilizing smart contracts' transparency, immutability, and automatic execution features, SY aims to strengthen support for SME development, precisely channelling inclusive financial resources to serve the real economy.
