The Shanghai Pudong Development Bank (SPD Bank) and Huawei unveiled the SPDB Finware house solution during the HUAWEI CONNECT 2021 celebration. The solution is one of the most prominent achievements within the joint innovation for financial digitization. It is also a step towards the consolidation of the Bank of Things, as the solution uses IoT to secure the promises of movable property, making each object identifiable, each alarm traceable and each item reliable.
Last year, SPD Bank and Huawei published the Bank of Things White Paper , through which they propose the launch of a new financial services model and system. Following this, SPD Bank began applying innovative digital technologies to promote the Bank of Things, partnering with Huawei to “dive into digital.” SPDB Finwarehouse is one of the important initiatives that has emerged from this partnership and leadership.
The solution is designed for use in industrial supply chains and is an innovative way to manage the promises of mobile storage properties. Previously a financial services area that was not undergoing extensive digitization, movable property represents a market space of innovation valued at billions of yuan.
SPDB Finwarehouse: Safe and simple management of movable property
Movable property is normally subject to various risks. For example, ownership may not be clear, so ownership is guaranteed multiple times. At the same time, supervisory firms may not always be completely ethical, thereby potentially causing adulteration. Even if monitoring is accurate, it is expensive without digital media. And without a takedown platform, products are difficult to monetize.
In response to these problems, SPD Bank has designed a more accurate and reliable solution. SPDB Finwarehouse uses RFID, weighing devices and blockchain PDA devices in order to record objective information and pass it directly to the warehouse. Incoming assets are combined with financing and loans, while outgoing assets are tied to repayment. This makes merchandise monitoring much easier and more efficient.
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The solution also helps to accurately determine the value of the property. It integrates verified market, perception, and trade information and uses it to determine ownership, valuation, and efficient disposition. In essence, logistics, business, capital and information flows are centralized, providing the data necessary to properly value mobile assets. Upstream and downstream companies can now have access to accurate financial services, covering the entire supply chain.
Illustration: SPDB Finwarehouse: Reliable, Manageable, and Easily Disposable Mobile Properties
Group trust assets driven by the Smart IoT
Logistics and warehouses frequently use digital technologies. In this way, Huawei and SPD Bank are implementing smart IoT devices in warehouses along with the introduction of artificial intelligence capabilities and multidimensional data verification. This transforms the usual warehouses into financial ones, integrating financial services into management and business processes.
Based on the HUAWEI CLOUD platform , SPDB Finwarehouse makes every object identifiable, every alarm traceable, and every item reliable. The solution has the following technologies:
- Distributed RFID locates objects in meters, automatically takes inventory and triggers real-time item tracking
- With Pangu models, most of the models can be reused, resulting in a number of samples needed for training, further reducing the project development period.
- The Huawei IoT platform implements GUI-assisted modeling, flexibly defines and builds models, and centrally manages them. It performs a cross-validation of data through digital twin technology and performs a comprehensive risk analysis of goods, processes, personnel and the warehouse environment.
The control center guarantees the authenticity of the incoming products
At the SPDB Finwarehouse control center, operators can easily verify the authenticity of incoming products. They can count charging piles through Pangu models and verify them using scan code, weight data, and business history data.
“SPDB Finwarehouse is a digital finance pilot project. We have carried out an in-depth assessment of the needs of the business services market. Now, we must continue to look for ways to transform our business logic and rebuild our technical capabilities to stay until digitization.” – explained Chen Haining , general manager of the IT department of SPD Bank. He added: “By integrating digital technologies across industries, we can use digital capabilities to delve deeper into supply chain scenarios of various industries in the real economy. SPD Bank is eager to start working with Huawei to integrate finance with the real economy. ”
In a world where everything is connected, new scenarios and business models will continue to emerge.
“Huawei and SPD Bank will continue to innovate, providing leading technology products and full-stack cloud infrastructure solutions for digital finance upgrades. We will make use of technology innovation to carry out faster financial services upgrades, working together to further interconnect industries with personalized financial innovation, “said Jason Cao, CEO of the Global Financial Business Unit of Huawei Enterprise BG. “Huawei has contributed its full-stack technologies to work on SPDB Finwarehouse with SPD Bank. Together with our clients, we are diving into digital and driving upgrade in the digital finance industry. We can’t wait to drive the real economy forward. with the power of finance. Huawei is committed to helping financial institutions as they are constantly updated on their agility, intelligence, industry services, and ecosystem building. We are helping financial institutions to carry out their journey of digital transformation and building together a fully connected, intelligent and ecosystem-based financial industry. ”
SPD Bank and Huawei created a joint innovation lab in 2018, which has led to the launch of several successful projects. In August 2020, they signed a comprehensive strategic cooperation agreement and together published The Bank of Things White Paper – an important milestone. SPD Bank is focusing its attention on the user experience sector, applying digital technologies and innovating in industries such as retail, communications, transportation and healthcare with the aim of driving the digital economy.
In a world where everything is connected, finance, technology and industry are going to be closely linked. Huawei and SPD Bank are harnessing the power of cloud-based FinTech to serve the community, empower customers, and create new value for the industry.
Huawei presents HUAWEI CONNECT 2021 online from September 23 to October 31. The theme of this year’s event is Dive into Digital. We’re going to delve into the practical application of technologies like cloud, AI, and 5G across industries, and how they can make organizations of all shapes and sizes more efficient, more versatile, and ultimately more resilient as we move toward the recovery of the economy.
For more information, please contact our local team to carry out the checks https://www.huawei.com/en/events/huaweiconnect
