Huawei and Standard Chartered Bank collaborate to create IoT solutions to expand trade finance ecosystem

October 10, 2018 Shanghai - Huawei and Standard Chartered Bank jointly announced that they will create an Internet of Things (IoT)-driven solution to revolutionize the way companies finance and pay banks. Companies no longer need to initiate transactions with banks through paper documents or emails. Corporate and bank systems will be able to "talk" in real time, triggering financing or payment items with the help of application programming interfaces (APIs).

This solution uses IoT and cloud capabilities to enable banks to track cargo in real time, reduce operational risks, and provide reliable data for financing decisions. Based on real-time data, both enterprises and banks can directly handle more application cases, significantly reduce turnover times, and create a variety of financing solutions for manufacturers and their distributors.

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The solution uses Huawei's open platform OceanConnect. The platform integrates IoT, cloud computing and big data technologies, with cloud-based unified IoT device management capabilities as the core, and connects access devices through a series of agents and collects data in real time. At the same time, it also provides user-friendly open APIs to facilitate application developers to design and orchestrate business processes.

Dr. Michael Gorriz, Chief Information Officer of Standard Chartered Bank, said about the cooperation with Huawei: "We are committed to providing financial solutions to global customers and banks of all sizes. Technology can change the basic operation of banking. We hope to use leading IoT technology to change the way we support customers and seamlessly connect various banking processes so that customers can easily handle business. Huawei is a strong partner who shares the same goal as us. We look forward to experiencing this solution with our customers and exploring new application cases with Huawei and other technology partners."

Qiu Lei, Vice President of Marketing and Product Solution Sales of Huawei Enterprise BG, said: "Today, more and more industries are applying IoT technology to start their digital transformation journey. Huawei's mission is to build a fully connected, intelligent world. Digital transformation faces various challenges, and technology is often only part of the solution. Determination and vision are equally important. The senior management of Standard Chartered Bank has firm determination and great vision, and hopes to better support customers through digital transformation. As a result, we have reached a cooperation with Standard Chartered Bank."

In order to improve customer experience and increase work efficiency, Standard Chartered Bank has been actively working with technology companies to jointly develop solutions. Earlier this year, Standard Chartered Bank established a venture capital department with the aim of promoting entrepreneurship and innovation, promoting investment in the field of financial technology, and creating disruptive technology innovation companies. The SC Studio in Silicon Valley has access to the most advanced technology, technology companies, financial technology and investors. In order to better promote innovation, follow technology trends and understand start-ups in North Asia, Standard Chartered Bank established the eXellerator Innovation Lab in Hong Kong earlier this year, which complements the eXellerator Lab in Singapore. Standard Chartered Bank's modern technology center is located in Bangalore, the "Silicon Valley of the East", and is a core part of Bangalore's development plan.