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China Merchants Bank Launched the Country’s First Digital RMB Personal Housing Loan Based on Smart Contracts

Suzhou Branch of China Merchants Bank has successfully launched the first personal housing loan scenario for existing houses based on the "smart contract" function of digital RMB. At the same time, it has issued the first existing house digital RMB housing loan in the park. The funds for the loan are innovatively entered into the "smart contract" function.

After the loan is issued, the funds are automatically exchanged to the real estate transaction management center housing transaction fund supervision account in the park, and carry summary information as required by the housing management department. 

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