(CFP Photo)

The Suzhou branch of the Agricultural Bank of China granted inclusive loans of 1.5 million yuan in the form of the country's digital fiat currency, the e-CNY, to Taicang Yitong New Material Technology Company, marking the first such use of the e-CNY in the country.

Mainly engaged in the research, development and production of integrated concrete products, Yitong faced a strain on the cash flow as the COVID-19 pandemic has hit the supply chain and was in need of money to pay for raw materials before resuming operations.

The company then applied for the loans from the Suzhou branch, which recommended the use of e-CNY as both Yitong and its supplier have opened digital wallets.

With the loan, Yitong has paid the supplier in a convenient and fast way that also save the transaction service fee.