Standard Chartered and Huawei to Develop IoT Corporate Lending Solution

Standard Chartered has teamed up with Huawei to develop an Internet of Things powered solution to facilitate communication between corporations and banks for financing or payments. Rather than corporates manually initiating these transactions, the new solution will allow them to ‘speak’ to banks in real time, reducing operational risks and providing reliable data that can be used in financing decisions. The new solution is based around Huawei’s OceanConnect, a platform built on IoT, cloud computing and big data technologies. OceanConnect links up with connected devices and collects real-time data through a series of agents, while providing user-friendly open APIs for application developers to design and orchestrate the business process. Commenting on the partnership with Huawei, Dr Michael Gorriz, Group CIO of Standard Chartered said: “We are committed to delivering financial solutions to our clients across our diverse footprint and to bank businesses of all sizes. Technology can change the fundamental way we do banking. We found in Huawei a strong partner who shares our passion to transform the way we would like to support our clients and make banking seamless and effortless for them through the application of cutting-edge Internet of Things technology. We look forward to piloting the solution with clients and working with Huawei and other technology partners to explore new use cases.”