As reported by local news outlet Sohu, on Wednesday, the Agricultural Commerce Bank of Zhangjiagang, located in China's Suzhou province, announced that it had issued a 500,000 digital yuan loan with intellectual property backing it as collateral. The loan was issued via unanimous approval by the city's consumer markets regulator, financial markets regulator and municipal officials.
Unnamed in the report, the recipient of the loan is an entity manufacturing environmental protection equipment for steel factories in Suzhou province. Asby the entity, due to an uptick in the number of client invoices, it decided to experiment with the new borrowing method, where the loan was directly released into its e-CNY digital wallet.
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