Tradeshift Partners with Baiwang to Accommodate End-Users with Paperless Invoicing Solution
SAN FRANCISCO, CA: Tradeshift, the supplier of collaboration platform in the market partners with Baiwang, the provider of tax-related services, to escalate the digitization of trade-based transactions in China, as well as global trade between Chinese companies and their cross-border trading partners. The partnership facilitates issuance, delivery, and archival of invoices in a single solution to consumers.
The partnership will make paperless invoicing possible reducing the carbon emissions and saving countless trees. “The government is banking on new sources of growth – including innovation– to make-up for falling productivity. Together, Baiwang and Tradeshift are providing a meaningful solution to this challenge,” says Jessie Chen, CEO, Baiwang.
Tradeshift’s goal is to redefine how buyers and suppliers work together by providing solutions likeTradeshift Buy, Tradeshift Risk, Tradeshift Apps and Tradeshift Pay which is an Account Payable automation solution. The collaboration between the companies comes as China expands the scope of its pilot to transition from BT to VAT. The recent industries which gain advantage from the alliance are construction, real estate, financial services, and consumer services.
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It is notable that the partnership covers over 70 percent market share across the finance and insurance industries like Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, Ping An Group, and China Railways. “Tradeshift’s platform will deliver billing, e-invoicing and procurement services to Chinese businesses,” says Christian Lanng, Co-founder and CEO, Tradeshift. “It will create a smooth and seamless transition to VAT, and make cross-border trade easier for global companies, including those in the U.S.”, adds Christian.
Along with Tradeshift, Baiwang plays the key role in developing additional capabilities for the Tradeshift platform, which includes tax cloud, tax-related financing, corporate credit, and other value-added services. The partnership which is announced at the same time with announcement of China’s latest Five-Year Plan aims to grow GDP by 6.5percent, places an emphasis on modernization efforts and a push for infrastructure improvements.