(Yicai Global) Sept. 13 -- China's First Internet of Things (IOT) Industry Fund has been set up in Wuxi, East China's Jiangsu province. The Fund was jointly established by the Internet of Things enterprise, World Sensing Net Group, the Jiangsu clothing industry giant HOdo Group Co. and several other enterprises.

The establishment of the Internet of Things Industry Fund will bring disruptive changes to the real economy with IOT as the core, Wuxi Mayor Wang Quan said at the opening ceremony yesterday. Wuxi will accelerate the integration of science, technology and finance, China Securities Journal reported.

The IOT-enabled financial services will promote the integration of capital, information and the real economy and bring profound changes in the service models of banking, securities, insurance, leasing and other financial areas for the IOT industry, founder of World Sensing Net, Liu Haitao, said.

Internet of Things Industry Fund will also support technological transformation in traditional industries, which will change the traditional business models, open up new value-added services, and effectively improve profit margins, president of HOdo Group, Zhou Haijiang, said.

The 2017 World Internet of Things Exposition was held from Sept. 10 to Sept. 13 in Wuxi, Jiangsu. A total of more than 3,000 IOT products were exhibited, with 160,000 visitors attended.