In March 2021, IEC released the world’s first international standard for Internet of Things finance: ISO/IEC 30163 “System Requirements for the Integrated Platform for the Pledge Supervision of Movable Property Based on the Internet of Things (Sensor Network) Technology“.
This standard, which was developed by China, applies to the design and development of IoT or sensor network systems for chattel mortgage regulatory services. Specifically, the standard stipulates the system requirements, which can lead to the effective monitoring of the whole process of chattel mortgage in real time, thus contributing to the achievement of the whole life cycle management of bank for chattel mortgage. At the same time, the standard can also help to improve the efficiency and reduce the costs for supervising relevant enterprises.
In 2017, China carried out research on sensor networks and Internet of Things technologies to support the monitoring and tracking of financial transactions on movable property. In 2018, China, together with Japan, Germany, and Russia, initiated the International IoT FinTech Standards Research Group. On behalf of China, the Wuxi IoT Industry Research Institute took the lead in proposing the world’s first IoT FinTech Standard ISO/IEC 30163, and completed the development in 2021.
The Wuxi IoT Industry Research Institute was founded in 2009, jointly by the Shanghai Institute of Microsystem and Information Technology of Chinese Academy of Sciences, and the Wuxi High-tech Zone. Focusing on the national strategy for the Internet of Things industry and for major science and technology plans, the Institute participates in the standardization work in the field of Internet of Things, and at the same time promotes the industrial application of Internet of Things technology.
