NEW YORK, Sept. 20, 2018 /PRNewswire/ -- Ideanomics
(formerly: Seven Stars Cloud Group, Inc.) (NASDAQ:SSC)
("Ideanomics" or the "Company"), a leading global fintech and asset
digitization services company focused on digital asset production
and distribution, is pleased to
announce that it has entered into joint venture with APMEN Trade
Tech Co Ltd. to establish a leading enterprise focusing on digital
supply chain services using blockchain and super artificial
intelligence for the Asia-Pacific Model Electronic Port Network
(APMEN) APEC's online port clearance system
http://www.apmenet.org/
"We are excited to deliver a never seen before intelligent
supply chain management platform driven by blockchain and super
artificial intelligence technology. We will integrate business data
from various partners, establishing a risk control model in
cooperation with a single window to provide risk control services
for regulatory authorities and enterprises," said Bruno Wu, Chairman and Co-CEO of Ideanomics.
APEC Model E-port Network (APMEN), APEC's online port clearance
system was established in 2014 to promote the development of model
e-port in APEC countries economies and enhance connectivity among
cargo hubs in the Asia-Pacific. It
has 16 port members including New South
Wales in Australia and
Vancouver in Canada. APMEN aims to establish the
information sharing network and cooperation platform among member
ports, to catalyze the international interoperability of Single
Window Systems, and to enhance data transparency and
interconnectivity of supply chain in the Asia-Pacific region.
"The full implementation of connecting e-ports across the region
using the Ideanomics supply chain finance blockchain will save
more than just trading costs and time. By leveraging the expertise
of Ideanomics for their best in class intelligent supply chain
services and super artificial intelligence technology we are
advancing trade facilitation and our supply chain connectivity"
said Dr. Liu Yadong Chairman of APEC Model E Port Network.
Dr. Liu Yadong, Chairman of APEC Model E Port Network, and
former Chairman of a prominent Shanghai information and technology investment
group that leads investment opportunities in Shanghai's information and technology
ecosystem, including progressive investments in building the
world's largest cable TV network, will become the Chairman of the
Joint Venture. Mr. Huang Feng,
current Director General of APEC model e port network will become
the full time CEO of the Joint Venture. This demonstrates the
commitment of the organization and key leadership to the Joint
Venture.
With a new world record of 40 million TEUs (twenty Foot
Equivalent is a unit of cargo capacity often used to describe the
capacity of container ships and container
terminals) handled in 2017, the Port of Shanghai has cemented its spot as not only the
busiest port in China, but also
that of the world.
This exclusive joint venture will focus on:
1) Using super
artificial intelligence and blockchain related technologies to
streamline the e-port and e-custom operations. The joint venture
will build and install exclusively the Ideanomics recommended
supply chain finance blockchain to bring banks and financial
institutions as lenders and customers together by eliminating
layers of middlemen currently causing unusually high interest rates
often exceeding 20% annualized. The revenue model for the Joint
Venture is based on percentage of lending volume usually 0.5% - 2%,
as well as, a risk management Platform as a Service (PaaS)
operation which will also base its revenue on lending volume with
specifics varying on a case by case but normally are around
0.5%.
2) Using blockchain
operations to extend connectivity beyond from port to port, and
custom to custom to include the ultimate buyers and sellers with
their warehouses directly connected by blockchain
3) Establishing and
growing asset-backed securitization opportunities from the
operation by securing high yield assets, which can be offered
through Ideanomics' global sales network including both traditional
and blockchain based solutions of securitization, fractionalization
and tokenization.
Ideanomics will have a majority interest of 60% in the Joint
venture. APMEN Trade Tech Co Ltd. intends to launch the operations
as soon as possible in the two biggest ports: Shanghai and Guangdong (including seven ports), which
account for nearly half of China's
input and export.
This Joint Venture will become the flagship for Ideanomics Trade
Tech Engine. The Joint Venture is in line with Ideanomics' 4+2+1
strategy to drive growth across its core product areas which are 1)
Fixed Income-based Financial Digital Assets, 2) Consumer Tech
Digital Assets, 3) Commodity and Energy Digital Assets, and 4)
TradeTech Digital Assets. The move is expected to help improve the
efficiency of customs clearance and allow consumers to track the
cross-border goods origins via e-port system connection and data
exchange.
About:
About APEC Model E-port Network (APMEN), APEC's online port
clearance system.
In order to promote interoperability of ports in the
Asia-Pacific region, and to
improve the cross-border trade facilitation, in November 2014, the 22nd APEC (http://apec.org/)
Informal Leadership Meeting agreed to establish the Asia-Pacific
Model Electronic Port Network (APMEN) APEC's online port clearance
system. APMEN aims to establish the information sharing network and
cooperation platform among member ports, to catalyze the
international interoperability of Single Window Systems, and to
enhance data transparency and interconnectivity of supply chain in
the Asia-Pacific region. So far,
APMEN has 19 member ports from 11 APEC economies. Xiamen E-Port
joined in September 2017.
So far, 16 ports and e-ports from 11 APEC member economies have
joined APMEN. These include: New South
Wales (Australia),
Vancouver (Canada), TradePort, OnePort, GLSHK
(Hong Kong China), Port of Klang
(Malaysia), Port of Manzanillo, Port of Lázaro Cárdenas
(Mexico), Peru, Shanghai and Xiamen (China), Kaohsiung (Chinese Taipei),
Hai Phong, Ho Chi Minh (Vietnam), Lirquen and Coronel
(Chile), Cebu (Philippine).
Asia-Pacific Model E-Port Network Operational Center is the
daily operational unit of APMEN, APEC's online port clearance
system. http://www.apmenet.org/
About Ideanomics
Ideanomics (formally Seven Stars Cloud Group, Inc.), (SSC)
(http://www.ideanomics.com/)
Ideanomics is continuing to become one of the most prominent
global digital asset providers. Relying on its core base of fintech
and digital asset production and services-based ecosystem
enablement, Ideanomics is committed to delivering the best digital
assets via the best underlying technology. This approach will drive
capital formation and sales across our digital asset
ecosystems.
Ideanomics customizes its technology platform for various
business use cases, operates the Platform-as-a-Service (PaaS), and
partners with businesses that deliver core digital asset
products.
We are focused on delivering a global multi-layer technology
infrastructure ecosystem that issues, trades, and settles digital
asset transactions. We will leverage direct sales channels and
automated sales systems via digital asset exchange platforms which
is inclusive of decentralized exchanges to realize digital asset
distribution, social media, traditional regulated broker dealer
network as well as institutions as direct clients.
Ideanomics continues to drive growth and deal flow in its core
product areas:
1) Fixed Income-based Digital Assets [Chinese National Electric Bus
Financing Agreement, First Auto Loan Financing Agreement, IHT- Real
Estate JV]
2) Consumer Tech Digital Asset [Grapevine acquisition]
3) Commodity and Energy Digital Assets [BBD Digital Capital
Group]
4) TradeTech Digital Assets [Asia-Pacific Model Electronic Port
Network (APMEN) JV]
Safe Harbor Statement
This press release contains certain statements that may include
"forward looking statements". All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Media Contacts
Ideanomics
Email: pr@sevenstarscloud.io
IR Contacts
Federico Tovar, CFO at
Ideanomics
Tony Sklar, VP of Communications at
Ideanomics
Email: ir@sevenstarscloud.com
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