Shinhan uses IoT platform to track movable assetsShinhan Bank has developed an internet-of-things (IoT) financial platform to assess and manage movable assets, the company announced Monday. Movable assets refer to machinery, inventory, raw materials and electronic appliances. They can be used as collateral.
The bank said the new system will eliminate the need to make site visits because it allows for the monitoring of assets remotely. The platform can also provide data on machinery when a company constructs a smart factory. The IoT-based platform can currently only be used for machinery, but Shinhan plans to eventually upgrade it for raw material monitoring.
“We will continue to incorporate IoT technology into our financial services in order to provide new value for customers,” said Jang Hyun-ki, head of digital research and development division at the bank.
By Park Eun-jee
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