NEW YORK, Jan. 10, 2019 /PRNewswire/ -- Ideanomics (NASDAQ:
IDEX) ("Ideanomics" or the "Company"), a leading global fintech and
asset digitization services company, is pleased to announce it has
entered into an agreement with Ningbo Free Trade Zone Cross-Border
Supply Chain Management and Settlement Technology Co., Ltd (NFTZ)
to service cross-border supply chain management and trade finance
services.
The Ningbo Free Trade Zone services the Port of
Ningbo-Zhoushan.
The Port of Ningbo-Zhoushan holds the crown for being the first
port to handle 1 billion tonnes in cargo throughput in a calendar
year.
Through this agreement, Ideanomics will have multiple revenue
stream opportunities including a share of the fees in connection
with the payment and settlement of up to RMB
500 million ($74M) per day in
the Ningbo Free Trade Zone.
According the terms of the agreement, Ideanomics will provide
client referral services, fintech service support for NFTZ Clearing
Company's platform, including risk management technology through
artificial intelligence (AI), blockchain-based supply chain
management and finance, and other big data management
technology platforms. This includes Ideanomics blockchain
finance and management platforms partners Bubi.cn and Jingtum, and
the supply chain finance platform that is being created in
partnership with Heying Fund Management, Cosco -Yuan Hai Fund
Management, as was previous announced by Ideanomics.
Together with NFTZ, Ideanomics will conduct in-depth
collaboration in cross-border supply chain management and payment
and settlement business in areas such as:
- Cross-border RMB pricing settlement business (provided value is
not higher than RMB 500 million per
day);
- Insurance Technology Innovation Products (a value-added
services);
- Platform financing services;
- Digital asset trading services under the supply chain
fund;
- Import and export tax rebate facilitation services;
- Introduce Artificial Intelligence (AI), based on a blockchain
supply chain management, finance and other big data management
technology platforms.
About Ningbo Free Trade Zone
Ningbo Free Trade Zone,
Ningbo Export Processing Zone, and Ningbo Bonded Logistics Zone
lies on the west coast of the Pacific Ocean, in the middle of the
coastline of Chinese Mainland, at the south of The Yangtze
River Delta. It is adjacent to the international metropolitan city,
Shanghai. Located at the east of
Ningbo, with Ningbo Beilun Port,
the second largest port in Chinese Mainland as the neighbor,
the area has a complete transportation network composed of
expressway, railway, and sea wharf.
About Ningbo Port
Ningbo Port consists of 5 port
areas of Beilun, Zhenhai, Ningbo
old port, Daxie and Chuanshan. It is a modern comprehensive
multifunctional deep water port, combining inland, estuary and
coastal harbors. now there are 191 operational berths including 39
deep water berths with 10,000 and more tonnage. The larger ones
include the 250,000 tonnage crude oil terminal, the 200,000 tonnage
ore discharging berth (also for 300,000 tonnage ships), the
specialized terminal for the 6th generation container vessel
and the 50,000 tonnage berth dedicated for liquid chemical
products. Up to now shipping lines have been opened to more than
560 ports of over 90 countries and regions.
The main business of Ningbo Port covers handling, storage and
transshipment of imported iron ore, container for foreign and
domestic trade, crude and finished oil, liquid chemicals, coal and
other bulk and general goods.
About Ideanomics
Ideanomics seeks to become a
leading fintech company by combining deal origination and
enablement with the application of blockchain and artificial
intelligence technologies as part of the next-generation of
financial services.
The company is headquartered in New
York, NY, and has offices in Hong
Kong and Beijing, China. It
also has a planned global center for Technology and Innovation in
West Hartford, CT, named Fintech
Village.
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, and include
statements regarding our intention to transition our business model
to become a next-generation financial technology company, our
business strategy and planned product offerings, our intention to
phase out our oil trading and consumer electronics businesses, and
potential future financial results. 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 risks and uncertainties, such as risks related to: our
ability to continue as a going concern; our ability to raise
additional financing to meet our business requirements; the
transformation of our business model; fluctuations in our operating
results; strain to our personnel management, financial systems and
other resources as we grow our business; our ability to attract and
retain key employees and senior management; competitive pressure;
our international operations; and other risks and uncertainties
disclosed under the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent Form 10-K and Form 10-Q
filed with the Securities and Exchange Commission, and similar
disclosures in subsequent reports filed with the SEC, which are
available on the SEC website at 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 risk
factors. Other than as required under the securities laws, the
Company does not assume a duty to update these forward-looking
statements.
Investor Relations Contact
Tony Sklar, VP of Communications and Investor
Relations
Tel: +1-212-206-1216
Email: ir@ideanomics.com
www.ideanomics.com
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