Sungent DigiTech, a digital tech arm of SIP-based multi-business conglomerate Sungent Group, and the Suzhou branch of China Citic Bank, signed a loan origination agreement on Dec 27. Under the agreement, the bank lends RMB10 million to the company based on a set of data pledged by the company.

The data, sourced from the company’s self-created road-side unit and its cloud-based intelligent connected vehicle (ICV) monitoring platform, are helpful for improving driving experience and ensuring safety.

The loan is the first one issued with ICV-related data asset as the pledge in East China’s Jiangsu province. China Citic Bank, as the first joint-stock commercial bank to set up a branch in SIP, hopes the new form of loan can help accelerate industrial development in SIP, just as a variety of its innovative financial services have done.

December 27, 2024