The international standard of ISO/IEC 30163 "Internet of Things (IoT) - System requirements of IoT/SN technology-based integrated platform for chattel asset monitoring supporting financial services" was officially released on March 12.

The establishment of the standard was led by the Wuxi Internet of Things Industry Research Institute, which is located in Wuxi National Hi-tech District (WND).

The standard is the world's first international standard in the IoT financial field formulated by Chinese experts as the chief editor. It can effectively monitor the entire process of a chattel pledge, as well as realize the full life cycle management of chattel pledges by financial institutions, according to officials.

In addition, the standard has an important supporting role in improving the regulatory efficiency of movable property regulators and warehousing companies, as well as in reducing regulatory costs. It can also provide references for other industry-related standards.

The Wuxi team led by Liu Haitao started to work on the IoT financial field nine years ago.

In February 2017, experts from the Wuxi team made a new proposal report at the seventh meeting of ISO/IEC JTC1 WG10. In 2018, the project was officially established as ISO/IEC 30163, entering the WD stage of the draft standard.