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

Stocks and Financial Services Press Releases Tuesday September 29, 2020 08:20
SHANGHAI--29 Sep--PRNewswire/InfoQuest

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.

To learn more about and download the White Paper, please click the link.:
For more information about HUAWEI CONNECT 2020, please visit:

Latest Press Release

Fitch Rates Maybank Kim Eng Securities' Long-Term Subordinated Debentures 'AA-(tha)'

Fitch Ratings (Thailand) has assigned Maybank Kim Eng Securities (Thailand) Public Company Limited's (MBKET, AA(tha)/Stable/F1+(tha)) upcoming Thai baht subordinated debentures a National Long-Term Rating of 'AA-(tha)'. The company plans to use the...

SCB joins hands with The Mall Group to boost the market in the last quarter by offering "Get protection, free M Points, and tax deductions"

The partnership between Siam Commercial Bank (SCB) and The Mall Group continues to offer new financial experiences catering to customer needs in every segment. SCB Protect, an SCB subsidiary providing life and non-life insurance covering every lifestyle...

CKPower Issues 4,000 Million Worth of Debentures as Company Prepares to Invest in Hydroelectric Power Plant in Lao PDR

The Company has been awarded an "outstanding" rating in performance evaluation from the Thai Institute of Directors (IOD) for three consecutive years as well as being selected as one of the 2020's Thailand Sustainability Investment Index (THSI) from The...

KBank wins "Thailand's Top Corporate Brands 2020" award for the fourth consecutive year

Ms. Kattiya Indaravijaya, KBank Chief Executive Officer, recently represented KBank to receive the "Thailand's Top Corporate Brands 2020" award from Professor Dr. Bundhit Eua-arporn, President of Chulalongkorn University (CU), for the fourth consecutive...

SET welcomes telecoms, IT and electrical installation service provider "JR" on Nov 30

The Stock Exchange of Thailand (SET) will list J.R.W. Utility PLC, a one-stop installation subcontractor for telecommunications, information technology, and electrical systems, on November 30, under the ticker symbol "JR". The company has a market...

Related Topics