China Banking Corporation (Chinabank) was recognized at the recently concluded Asian Banking & Finance (ABF) Retail Banking Awards 2022. The Bank’s automated facilities, Easy Tax Filing & payment Solution (Easy Tax) and Direct Debit Arrangement (DDA), were named Best Digital Business Banking Initiative for Business Customers.

“It’s an honor to be recognized by ABF. Chinabank is committed to providing our customers with greater value and convenience through innovative solutions,” Chinabank Cash Management Services Division Head Domingo Dayro Jr. said. 

 

Easy Tax, specifically designed for the real estate industry, is the first and only automated tax filing and payment facility of its kind in the Philippines.  It was launched in 2018 to address the increasing volume of tax transactions of real estate companies and the tedious and time-consuming process of manual tax compliance. 

Easy Tax made it fast and convenient for real estate developers to file and pay taxes related to the sale of real estate properties.  And because of the expedited processing, it also helped them avoid penalties for late filing and payment. 

For Chinabank, this innovative solution improved efficiency—cutting processing time by 55%, lowered transaction cost by 44%, and enhanced customer experience.  The number of real estate clients has significantly grown since its launch. Almost all of the major real estate firms in the country have availed of or are actively using Easy Tax. 

 

Meanwhile, DDA is Chinabank’s total outsourcing solution for the payment collection of biller companies.  Payments are collected via automatic debit from customers’ account on a pre-defined period, and credited to the biller company’s account.  This arrangement saves time, reduces the cost of collections, and puts cleared funds into the biller company’s bank account. 

Chinabank, also named the Best Bank in the Philippines 2021 by The Asset, continuously leverages technology to enhance customer experience.  With its ongoing digital transformation, the Bank is able to achieve greater efficiency and flexibility to adapt products and services to changing customers' needs. 

ABF is the industry magazine serving Asia’s dynamic financial services industry. The ABF Retail Banking Awards honors outstanding banks and finance companies with innovative retail products, services and strategies that made a positive impact to its clients and the industry.