Standard Chartered and Huawei develop IoT solution to expand ecosystem lending
- Powered solution that could revolutionise the way corporates communicate with banks for financing or payments
- It aims to enable triggering financing or payment instructions in real-time through APIs, rather than through manual paper-based or e-mail instructions.
- The solution combines IoT and cloud capabilities to track goods in real-time, reducing operational risks and providing reliable data that can be used in financing decisions.
- Real-time data enables straight-through processing for a wider class of use cases and can significantly reduce turn-around times
- Standard Chartered set up SC Ventures, a business unit to catalyse intrapreneurship and innovation, invest in fintechs, and set up disruptive ventures
- It links up with connected devices and collects real-time data through a series of agents while providing user-friendly open APIs to application developers to design and orchestrate the business process