Ideanomics (Seven Stars Cloud Group, Inc.) (NASDAQ : SSC), a fintech and asset digitization services giant, has signed a three-year deal worth $6 Billion with Chinese auto financing company First Auto Loan, Ideanomics announced in a press release September 11.
Under the terms of the deal, Ideanomics will provide two separate financing campaigns, one in China and the other across global market. Ideanomics will join up on financing activities conducted within China since it has exclusivity for financing activities outside of China.
Furthermore, the financing agreement is to guarantee compliance with government mandated electric vehicle upgrades to China’s ride sharing vehicles, including Didi-Uber and Capital. Ideanomics’ current deal follows that of Seven Stars Cloud Group’s whopping $24-billion deal with China’s National Transportation Capacity Co Ltd. (NTS), Ibinex News reported last month.
Guo Chao, CEO of First Auto Loan, asserted:
“The modernization of infrastructure in China is paramount to the success of our national economy and converting our existing fleet of ridesharing vehicles from conventional combustion systems to those of modern and electric systems speaks volumes of our focus on energy conversion and efficiency.”
In over three years, financing activities within China add up to 35 Billion RMB or approximately $5.1 Billion. The financing agreement for activities that will be operated outside of China over the same period is $1 Billion and are exclusive to SSC.
In accordance with Ideanomics’ 4+2+1 Strategy, the deal also represents the fintech company’s Fixed Income Financial Digital Assets market penetration. This aims to provide global fractionalization, securitization, and tokenization of “healthy cashflow-producing, real-world assets,” Ideanomics explained in the release.
Ideanomics Chairman and Co-CEO Bruno Wu noted:
“This exemplary opportunity represents the blockchain-based fintech services that Ideanomics has set forth to accomplish as part of our Company’s Fixed Income Financial Digital Asset Strategy.”
Ideanomics will be integrating Velocity Ledger’s blockchain-based offering and traditional distribution channels to complete financing activities via both income and asset-backed offerings.
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