Huawei and Standard Chartered recently announced that they will jointly build an IoT (Internet of Things) powered solution to innovate the traditional way corporates communicate with banks for financing, banking, or payments, according to a press release by Standard Chartered on October 10. Instead of sending emails and/or papers, corporates and bank systems can now speak to each other in a real-time basis to initiate financing and payment processes through APIs (Application Programming Interfaces). The solution uses Huawei's open platform built with IoT, cloud computing, and big data technologies to significantly reduce turn-around times and link up with connected devices. Earlier this year, Standard Chartered Bank set up the eXellerator Innovation Lab in Hong Kong to collaborate with Singapore's eXellerator Lab. The Bank has another technology center in Bangalore.