BEntrepreneur sits down with ETaxChain–Bahrain Fintech Bay’s newest resident and the first blockchain in tax in MENA–to talk about their company, their users, and how they plan to scale the business.

1. Please tell us more about eTaxChain and what inspired you to start the business?

eTaxChain, FinTech startup, is MENA’s First Tax Technology Software As A Service (“SaaS”), powered by Machine Learning, and Blockchain Distributed Ledger. eTaxChain helps banks, SMEs, corporates and regulators eliminate manual VAT processes. “eTaxChain is like open banking for VAT”.

Ahmed Al Muqabi, CPA, CEO & Head of ETaxChain

The lack of meaningful technology presence in our daily life as tax professionals in banks, SMEs, corporates, and regulators inspired me to start the business. The main challenge in our industry is documentation and reporting as it relates to invoicing, preparation/review of tax returns, and answering customers’ or regulators’ inquiries about invoices or tax returns. Today these processes are largely manual. The lack of technology leads to an increase in cost and time leading to frustration at multiple levels.

2) Can you explain more about the concept of “MENA’s First Tax Technology Software As A Service (“SaaS”), powered by Machine Learning, and Blockchain Distributed Ledger”.

eTaxChain runs on a blockchain distributed ledger across key stakeholders in a transaction bringing audit trail & documentation transparency, traceability, confidentiality, and compliance. The technology is powered by machine learning, built on the Corda Blockchain platform using Amazon Web Services (AWS) cloud technology infrastructure. This platform is highly secure and is familiar to the banking sector around the world.

3) Who are your users at the moment and what are they saying about eTaxChain?

eTaxChain comes in versions (FREE, Standard, and Premium)

1. 1. The first is the invite-only FREE version, eTaxChain entry-level (“Muharraq”) named after the great city of Muharraq which is the entry airport city to Bahrain. Sign up here to the waiting list to receive your invite.
   2. SMEs – The second is (“Manama”) the standard level of eTaxChain named after the capital city of Bahrain. This version focuses on SMEs with license fees starting from BD 3/ month. Sign up here.
   3. Banks and corporates – The third version (“Sakhir”) is the premium level of eTaxChain designed for banks and large corporates. eTaxChain Sakhir was named after Bahrain’s desert as a tribute to the home of motorsports, the Bahrain International Circuit, where cars meet technology & innovation.

4) How do you plan to scale the business?

eTaxChain is a software as a service (“SaaS”) helping entities and regulators eliminate manual VAT processes. eTaxChain is therefore available to help where VAT exists.

In 2020 we focused on helping entities in Bahrain and Saudi Arabia and will cover the rest of GCC by end of 2021. GCC is our starting point and will take it from there to MENA and other regions implementing VAT.

Since eTaxChain is a (“SaaS”), any entity with internet access and accounting software can use our platform.

This also brings us to another challenge we faced specifically with some micro SMEs who didn’t have internet access and/or accounting software. We solved that by offering a package of eTaxChain, internet, and accounting software and we invited telecom companies and accounting software companies for strategic partnerships to help micro SMEs which in aggregate is a big share in the GCC market. If there is a telecom or accounting software personnel in GCC reading this article and would like to get in touch with us for a potential partnership, please send us an email at contact@etaxchain.com

If you are one of the micro SMEs reading this article and would like access to the package please sign up here to the waiting list.

5) What tips/advice can you give to entrepreneurs, especially at this time of crisis?

Find a real problem and fix it. It doesn’t matter if there is a crisis or not. I would give the same advice to the unemployed, fresh graduates, and those who lost their jobs.