Ideanomics Enters into Cross-Border Trade Finance Agreement with Ningbo Free Trade Zone Cross-Border Supply Chain Management and Settlement Technology Co., Ltd
January 10, 2019 at 08:45 am
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Ideanomics announced 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 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 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.
Ideanomics, Inc. operates in one segment with two business units, Ideanomics Mobility and Ideanomics Capital. Ideanomics Mobility operates as an end-to-end solutions provider for the procurement, financing, charging and energy management needs for fleet operators of commercial electric vehicles (EVs). Ideanomics Capital is the Company's fintech business unit. Its principal product or services consists of WAVE Charging, VIA Motors, Energica, and Solectrac. WAVE Charging is a provider of high-power inductive (wireless) charging solutions for medium and heavy-duty EVs. The WAVE system automatically charges vehicles during scheduled stops without the cable-based systems. VIA Motors is a commercial electric vehicle company with advanced electric drive technology, delivering sustainable mobility solutions. VIA designs and markets commercial electric vehicles and technology. Energica is an electric motorcycle company. Solectrac is an assembler and distributor of electric powered tractors.