Shenzhen, china, September 23, 2021 / PRNewswire / – Shanghai Pudong Development Bank (SPD Bank) and Huawei showcased the SPDB Finwarehouse solution at HUAWEI CONNECT 2021. The solution is one of the biggest milestones in joint innovation for financial digitization. It is also a step towards the consolidation of the Bank of Objects, because the solution uses the IoT to secure the pledges of movable goods, making each object identifiable, each alarm traceable and each element trustworthy.
Last year, SPD Bank and Huawei released the Object Bank White Paper, which offers a new model and system of financial services. Following this, SPD Bank began to apply innovative digital technologies to promote the Bank of Things, partnering with Huawei to “go digital”. SPDB Finwarehouse is one of the important initiatives that resulted from this partnership and leadership.
The solution is designed for industrial supply chains and is an innovative way to manage collateral from mobile warehousing properties. Previously an area of financial services that did not experience extensive digitization, movable property represents an innovation market space worth billions of yuan.
SPDB Finwarehouse: Secure and easy management of mobile properties
Often, movable property is subject to several risks. For example, the property may not be clear, so the property is pledged multiple times. At the same time, surveillance companies may not always be completely ethical, which is why adulteration is likely to occur. Even if the supervision is precise, it is expensive without digital means. And without a disposal platform, goods are difficult to monetize.
In response to these problems, SPD Bank designed a more accurate and reliable solution. SPDB Finwarehouse uses RFID, weighing devices and blockchain PDA devices to record objective information directly in the warehouse. Inbound goods are associated with financing and loans, while outbound goods are related to repayment. This makes the monitoring of goods much easier and more efficient.
The solution also makes it possible to accurately determine the value of the goods. It integrates verified trade, perception, and market information, and uses it to determine ownership, valuation, and effective disposal. Essentially, logistics, trade, capital and information flows become centralized, providing the data needed to properly value movable assets. Upstream and downstream businesses can now access precise financial services, which span the entire supply chain.
Illustration: SPDB Finwarehouse: Reliable, manageable and easy to dispose movable assets
Trusted asset pool powered by Smart IoT
Logistics and warehouses frequently use digital technologies. As such, Huawei and SPD Bank are deploying smart IoT devices in warehouses, while introducing AI capabilities and multidimensional data verification. This turns ordinary warehouses into financial warehouses, 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 trustworthy. The solution integrates the following technologies:
Distributed RFID positions objects within meters, automatically takes inventory and tracks items in real time.
With Pangu models, most models can be reused, reducing the number of samples required for training and shortening the project development period.
Huawei IoT platform implements GUI-assisted modeling, defines and creates models flexibly and centrally manages them. It cross-validates data using digital twin technology and performs a comprehensive risk analysis on goods, processes, people and warehouse environment.
The monitoring center guarantees the authenticity of incoming goods
In the Finwarehouse SPDB monitoring center, operators can easily verify the authenticity of incoming goods. They can count cargo stacks through Pangu models and verify them using scan code, weight data, and business background 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 in order to keep up with digitization. “- said by Mr. Chen Haining, general manager of the IT department of SPD Bank. He added, “By integrating digital technologies into industries, we can use digital capabilities to deepen the supply chain scenarios of various industries in the real economy. SPD Bank looks forward to working with Huawei to integrate finance into 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 cutting-edge technology products and comprehensive cloud infrastructure solutions for digital finance upgrades. We will use technological innovation for faster upgrades in financial services, working together to further interconnect industries with tailor-made financial innovation. – said by Mr. Jason cao, Chairman of Global Financial Business Unit, Huawei Enterprise BG, “Huawei has brought its full technologies to work on SPDB Finwarehouse with SPD Bank. Together with our clients, we are diving into digital and promoting digital finance upgrade. We hope advancing the real economy through the power of finance. Huawei is committed to helping financial institutions as they constantly improve their agility, intelligence, industrial services and ecosystem building. We help financial institutions throughout their digital transformation journey and to build a fully connected, smart financial industry and ecosystem together. “
SPD Bank and Huawei set up a joint innovation lab in 2018, which led to several successful projects. In August 2020, they signed a comprehensive strategic cooperation agreement and jointly published Object Bank White Paper – an important step. SPD Bank will focus on user experience, apply digital technologies and innovate with sectors such as retail, communications, transportation and healthcare, to drive the digital economy.
In a world where everything is connected, finance, technology and industry will be closely linked. Huawei and SPD Bank are leveraging the power of cloud-based FinTech to serve the community, help customers, and create new industry value.
Huawei hosts HUAWEI CONNECT 2021 online from September 23 to October 31. The theme of this year’s event is Dive Into Digital. We will delve deeper into the practical application of technologies such as 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 they go. as we move towards the recouping economy.
For more information, please contact our local team or see https://www.huawei.com/en/events/huaweiconnect