NEW YORK, March 19, 2019 /PRNewswire/ -- Ideanomics(NASDAQ: IDEX) ("Ideanomics" or the "Company"), a global AI-driven management and financial services company acting as a catalyst for transformative industries, is pleased to announce it has entered into an exclusive digital asset management services agreement with GT Dollar PTE Ltd ("GT Dollar") and Thai Setaku Insurance PLC ("TSI").
Under the terms of the agreement, Ideanomics will provide AI-assisted financial risk management services for investments, regulatory compliance, including Know Your Client (KYC), Anti-Money Laundering (AML) fintech-based services, and banking relationship management. These services will be provided on an exclusive basis for an initial three-year period which can be renewed thereafter by mutual agreement. GT Dollar has been underwriting its tokens with asset-backed collateral, including real estate, airlines, insurance, as well as regional bank clearance and acceptance, to launch against consumer loyalty programs for those using GT Dollar when it initially launched.
Ideanomics will also provide its Blockchain and AI technologies to assist with Thai Setaku Insurance's activities, including policy custody management and AI-assisted risk management. TSI, Thailand's oldest insurance company and founded by the Thai royal family, is a GT Group company.
"The GT Group is among the most innovative we have spoken to in terms of their vision for how tokens can play an increasingly important role in our economy. This is a benchmark deal for Ideanomics, and for digital asset management service providers, that will enable GT Dollar to take its plans to the next level" said Alf Poor, CEO of Ideanomics. "GT Dollar and TSI recognized the potential of Ideanomics in our meetings last year, and subsequently made an investment in our company. This deal is a further endorsement of our capabilities and one which recognizes our company as a market leader in digital asset origination and management. We are excited to be driving these types of initiatives with GT Dollar and TSI. They have aggressive goals for their GT Dollar tokens, which will transform and legitimize the token economy, and we are pleased to have such a fast-growing, forward-thinking, and innovative partner to work with. Ideanomics plans to extend these fintech-based services to build relationships and value between other coins and physical economy assets".
Through the Ideanomics platform of services, GT Dollar and TSI will have transparency and visibility into their investments. Ideanomics will advise and consult GT Dollar and TSI on partnerships with global financial institutions to provide compliance advisory services including streamlined KYC and AML processes, banking compliance, custody, investment in financial products, parent funds, tracking and index funds, and more. Ideanomics will provide technology consulting services, that meet global best practices, for Digital Security Offerings, and other Asset Back Security Offerings.
Ideanomics will receive an initial payment allocation of GT Dollar tokens equivalent to US $170 Million and receive annual management fees of 3% of the total market value of GT Tokens on December 31st of each year of service for three years. As of March 19, 2019, the GT Dollar token has a total market value of US $97.66 Billion and has significant trading volume (https://www.asiaedx.com).
Ideanomics is a global Fintech and AI catalyst for transformative industries combines deal origination and enablement with technology and applications as part of the next-generation of financial services. We drive shareholder value through 3 primary divisions: Artificial Intelligence (AI) Division, Digital Banking and Advisory, and Digital Asset Management Services.
The company is headquartered in New York, NY, and has offices in Beijing, China, with plans for global centers for Technology and Innovation such as our primary fintech village campus in West Hartford, CT.
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.
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