Taizhou Rural Commercial Bank has recently implemented a transferable loan program, utilizing digital renminbi as the transaction medium.
Jiangsu province's first application of this groundbreaking initiative was done for Taizhou Runyang Electric Co Ltd.
Taizhou Runyang Electric Co Ltd, specializing in the production of power-related equipment, secured a loan of 49 million yuan ($6.85 million) through the efficient assistance of Taizhou Rural Commercial Bank. The entire process, from application to approval, took only three days, and saved the company 50,000 yuan in financing costs.
Taizhou Rural Commercial Bank established this transferable loan service system in order to address the financial challenges faced by science and technology enterprises. This system offers financial assistance with minimal guarantees and low-interest rates, ensuring commercial sustainability.
"The bank is committed to enhancing financial product innovation and optimizing credit service processes. We aim to provide high-quality financial support to innovative enterprises as well as small and micro enterprises," stated Dai Meng, chairman of Taizhou Rural Commercial Bank.