Shanghai Pudong Development Bank and Huawei Release Bank of Things White Paper

Industry's First Financial Service Model Oriented to "Intelligent Things", SPD Bank and Huawei Release Bank of Things White Paper

At HUAWEI CONNECT 2020, Pan Weidong, President of Shanghai Pudong Development Bank (SPD Bank), and David Wang, Huawei Executive Director and Chairman of the Investment Review Board, released the Bank of Things White Paper. The White Paper first proposes a brand-new financial service model and design system for "intelligent things" in the industry, ushering in a new era of "bank of things" (BoT) services.

According to Pan Weidong, we are shifting from the era of connected things to intelligent, connected things. Connectivity is productivity, and this is evident through intelligent network connections with clouds, edges, and devices. Based on intelligent things' connection scenarios, we can build a people-centric intelligent space to provide comprehensive services. In this space, financial services will act as an adhesive for multiple stakeholders in the intelligent, efficient, and collaborative ecosystem to achieve mutual success and develop a thriving real economy.

Under the national new infrastructure strategy, emerging technologies such as 5G, IoT, and AI are evolving rapidly, resulting in hundreds of billions of "intelligent things" being connected. This has huge ramifications on business and daily life, forming a basis for cars with intelligent sensing and autonomous services, smart homes, smart factories, smart logistics, and other innovative applications.

In this context, SPD Bank and Huawei propose a brand-new concept — BoT. This concept extends direct service targets from people to "intelligent things", builds a scenario-centered business model, and establishes a risk management model based on an objective credit system. The White Paper elaborates on BoT business forms, architecture, and scenario design in the digital economy. It also dives into possible technical challenges and raises the expectations for pan-financial services and a new digital credit system.

SPD Bank and Huawei set up a joint innovation lab in 2018 and the lab has yielded multiple achievements. In August 2020, the two parties signed a comprehensive strategic cooperation agreement, which reached another milestone when the White Paper was released. SPD Bank will focus on improving user experience, apply digital technologies, and assist the innovation of industries such as retail, communications, transportation, and healthcare, to create a thriving digital economy.

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SOURCE: Huawei