Sheng Ye Information Technology Services (Shenzhen) Co., Ltd. ("SY Technology"), a wholly owned subsidiary of Sheng Ye Capital Limited (stock code: 6069.HK), a leading supply chain fintech platform, and Tencent Cloud Computing (Beijing) Co., Ltd. ("Tencent Cloud") recently signed a cooperation which will greatly accelerate the development of the Industrial IoT (“IIOT”) ecosystem.
The cooperation will involve the creation of a "smart construction + digital supply chain" platform in which both parties will harness SY Technology’s smart supply chain management and digital fintech capabilities, and Tencent Cloud's expertise in cloud computing, big data, blockchain, artificial intelligence (“AI”), and the Internet of Things (“IoT”). This initiative will also empower businesses in the construction industry with intelligent and innovative applications for better management of costs, progress, materials suppliers, and supply chain finance.
In line with the Chinese government’s “Internet Plus” strategy to boost digitalization, SY Technology has been actively exploring innovative applications of the industrial digitalization and Internet of Things within the supply chain finance segment. By implementing customized solutions on smart construction sites, supply chain SaaS and other IoT technologies, SY Technology has significantly improved the efficiency of supply chain management for large enterprises while providing flexible supply chain financial services to their suppliers. These proprietary smart solutions developed by SY Technology for the infrastructure and medical sectors include smart construction sites, IoT data analytics, digital finance as well as intelligent hospital SPD supply chain services.
As a national high-tech enterprise, SY Technology’s capabilities in the IIOT and supply chain financial technology space have also been widely recognized by the industry. To date, the company has covered over 10 industrial ecosystems, connected with the IoT systems of nearly 200 core enterprises, served more than 8,000 small and medium enterprises (“SMEs”) with a cumulative total account receivable assets under management exceeding RMB 100 billion. In recent times, the company had also taken a step forward to ink a digital supply chain collaboration with China Construction Eighth Division First Construction Co., Ltd. based on its "Smart Inspection and Acceptance System". By using the company’s smart SaaS procurement platform, this greatly facilitates the loan application process, allowing suppliers to save up to 90% processing time as compared with the traditional supply chain financing models. This IoT model not only helps address the pain points faced by supply chain financing but also encourages the standardization of on-site acceptance and procurement process, which in turn, reduces costs and provides more stability to the ecosystem of core enterprises.
SY Technology’s collaboration with Tencent Cloud will also leverage Tencent Cloud’s technology and resources to optimize the company’s in-house IoT data analysis and digital supply chain service capabilities. By integrating smart construction sites, IoT, blockchain and other digital services into the construction industry, this will bridge both industrial technology and digital finance such that both parties will be able to provide more inclusive financial services that will benefit the SME community.
Tencent Cloud leverages Tencent’s years of experience in mass Internet services and has created a super-large-scale cloud service platform for governments, major enterprises and institutions, the Internet industry and individual users. Tencent Cloud provides technology services such as cloud computing, big data, AI, and IoT, and offers other professional industry solutions for various industries such as government bodies, infrastructure, finance, transportation, energy, automobile, gaming, video and mobile application to help industry innovation.
Tencent Cloud’s Welink intelligent construction platform is a core component of Tencent’s offerings in the application of smart buildings and smart cities. It deeply integrates cutting-edge technologies such as cloud computing, IoT, AI, and data security, providing a comprehensive suite of support services for the digitalization of the construction industry.
The rise of the Internet age has been one of the key catalysts for the evolution of the construction industry. The traditional construction industry has challenges managing the complex composition of on-site personnel and safety incidents accurately and effectively. With the continuous advancement of urbanization, the pain points of the construction industry need to be resolved urgently. The smart construction site solution takes into account the two-way demand of the construction party and the supervisory unit. It is the best solution to the current construction site management problems and is also the development trend of "Internet +" in the construction industry. The use of technology in smart construction sites facilitates the dynamic and real-time collection and process of various datapoints such as manpower, machines, materials, methodology and environmental factors on the construction site to effectively support on-site project operators. This will enable project managers to improve the construction quality, cost and progress of projects, which in turn ensuring the completion of projects, and forming an intelligent construction pipeline that focuses on project progress and cost. The innovative approach ultimately leads to more accurate and timely data collection, smarter data mining and analysis, and more intelligent integrated project management.
This innovative collaboration is a recognition of the strengths between SY Technology and Tencent Cloud. Both parties will further promote the “smart construction + digital supply chain” model in areas such as smart construction site, IoT, AI, blockchain, digital finance and sustainable development, with an aim to facilitate the intelligent upgrade of the construction and infrastructure industries.
