Beijing E-Town launches 'Token loan' with nearly 2 billion yuan in credit

Beijing E-Town recently launched its first batch of 'Token loans', providing nearly 2 billion yuan in credit to AI companies. Six banks, including Agricultural Bank of China and CITIC Bank, support this product, which uses companies' Token consumption and computing service contracts as collateral instead of traditional assets.

Guozhi Smart Control, an autonomous driving tech firm, received 30 million yuan from CITIC Bank. Shenzhou Guangda also got 30 million yuan from Industrial Bank to ease its AI model development costs.

This year, several Chinese banks have introduced similar 'computing power loans', like in Zhangjiagang and Guangdong Province, showing a new trend in financing for AI industries.