Developing IoT solutions to expand the rental ecosystem

(SHANGHAI, Oct. 17, 2018 PRNewswire=연합뉴스) Standard Chartered and Huawei announced that they are developing an Internet of Things (IoT)-enabled solution that will revolutionize the way businesses communicate with their banks for funding or settlement. This solution will eliminate the need for businesses to manually transact through paper-based or emailed instructions, and instead allow businesses and banks' systems to "talk" to each other in real time, triggering funding or settlement instructions through Application Programming Interfaces (APIs).

Unveiled at Huawei Connect 2018 in Shanghai last week, this solution, combined with IoT and the cloud, will enable banks to track the movement of goods in real time, reducing operational risks and providing reliable data for financial decision-making. The ability to access real-time data will enable a wider range of use cases, significantly reducing turnaround times and opening up expanded financial solutions for manufacturers and their distributors.

This IoT solution utilizes Huawei OceanConnect, an open platform based on IoT, cloud computing, and big data technologies. The solution centers on cloud-based, unified IoT device management capabilities, providing application developers with user-friendly, open APIs to access connected devices, collect data in real time through a series of agents, and design and orchestrate business processes.

Commenting on the partnership with Huawei, Dr Michael Gorriz, Group Chief Information Officer at Standard Chartered, said: “We are committed to providing financial solutions to our customers and banking businesses of all sizes across diverse footprints. Technology has the potential to fundamentally transform the way banking works. Huawei is a strong partner who shares our passion for transforming the way we support our customers and making banking seamless and effortless for them through the application of advanced IoT technologies. We look forward to testing this solution with our customers and working with Huawei and other technology partners to explore new use cases.”

“As more and more industries adopt IoT and embark on their digital transformation journey, our mission is to help create a fully connected, intelligent world,” said Qiu Lei, Vice President of Marketing & Product Solution Sales, Huawei Enterprise Business Group. “When we look at the challenges we face on this journey, technology is often only part of the solution. Determination and vision are just as important. We decided to partner with Standard Chartered because of their unwavering determination and great vision to support customers on their digital transformation as a leading bank.”

Standard Chartered has been actively collaborating with technology companies to jointly develop solutions that improve customer experience and enhance efficiency. Earlier this year, Standard Chartered established SC Ventures, a business unit dedicated to fostering internal corporate culture and innovation, investing in fintech, and establishing disruptive ventures. Standard Chartered is building relationships with cutting-edge technologies, technology companies, fintechs, and the investment community through SC Studios in Silicon Valley.