Ideanomics, global fintech and asset digitization services company, intends to leverage and utilize its Ideanomics Platform-as-a-Service (PaaS) solutions, a suite of multi-layer fintech technologies empowering blockchain and artificial intelligence, the company announced October 9.
Formerly known as Seven Stars Cloud Group, Inc., Ideanomics also revealed that it has entered into a joint venture agreement with TPJ Ltd to create the London-based company Ideanomics Resources LTD. The 75 percent Ideanomics-owned joint venture has been conceived to unlock value in the commodities and energy sectors with the PaaS solutions.
The Ideanomics Resources will initially target Africa and Middle East where it has serious long-term relationships. Bruno Wu, Co-CEO and Chairman of Ideanomics, stated that they will use blockchain technology to improve transparency and get rid of corruption in Africa’s commodity markets. “Digitizing asset production and distribution could help the continent to lead just as it has with mobile money worldwide,” he told entrepreneurs and investors at an event hosted at Africa House collective in New York, during the United Nations General Assembly week in September 2018.
Commenting on the joint venture, Ideanomics Resources LTD Director Jason McCue LLD said:
We are delighted to join the Ideanomics team. London is an important hub for the group and the sector. We are focused and determined on opening up the benefits of AI and blockchain applications to the public and private sector, both in traditional markets such as Europe, and emerging markets such as Africa.
In the digital renaissance where the world moves rapidly towards new ways in trading that increase efficiency, performance, and transparency; McCue believes that they have the “digital capability” to connect continents and place emerging states onto the global economic map.
The business agreement will be responsible for establishing a commodity and energy asset exchange, which will put Ideanomics Platform-as-a-Service solutions at an advantage. These solutions will reportedly include the Ideanomics’ pricing model with “super artificial intelligence for indexing and futures pricing, the tokenization of assets, including mining, oil and gas assets projects. It also includes the processing and settlement services for supply chain finance using the company’s blockchain and smart contract settlement technology.”
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