Local company's invention helps to reform financial sector

While Chinese lenders tend to be reluctant to offer loans against moveable assets, a company in Wuxi, Jiangsu province, claims it has found a solution that helps to dramatically reduce risks of fraud. The solution is a financial network integrating internet of things technologies.

In August, World Sensing Net Group launched an IoT financial service platform, the first of its kind in the world, and said it could soon be used across the broad spectrum of China's financial sector, from insurance to securities.

The platform gives lenders more security on loans tied to moveable assets such as cars, machinery or raw materials, said Liu Haitao, WSN's chairman and a national IoT chief scientist.