The World Sensing Net Group (WSN) signs cooperation agreements with Jiangsu Bank, Wuxi Rural Commercial Bank and Jiangyin Rural Commercial Bank in Wuxi, Jiangsu province on Aug 25. [Photo provided to China Daily]

World Sensing Net Group (WSN) signed cooperation agreements with Jiangsu Bank, Wuxi Rural Commercial Bank and Jiangyin Rural Commercial Bank in Wuxi, Jiangsu province on Aug 25, with the aim of promoting the innovative development of IoT finance.

The cooperation is expected to upgrade the financial industry and to lower the risks of internet finance.

"We aim to provide more objective and accurate supervision of loans against moveable assets which will give lenders the security to relax their restrictions on these kinds of loans," said Liu Haitao, WSN's chairman and a national IoT chief scientist, during an interview before the signing ceremony.