NEW YORK, July 25, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) has today announced its intentions to increase its ASEAN presence by making Singapore its official APAC headquarters. The Company's New Energy Transportation Services (NETS) Group will lead this expansion effort by making the APAC headquarters its home. Singapore offers top global industry talent, technology, and is a gateway for all the NETS Group global partner alliance and revenue sharing members. This establishment of the APAC headquarters in Singapore is to augment Ideanomics' offices in Beijing and New York with a presence in the financial heart of the ASEAN region to help take advantage of the company's strategy for this region, and its Asia Pacific activities overall.
Further, Ideanomics continues to build its ABS advisory services by signing a strategic Joint Venture agreement with leading Singapore family offices and financial conglomerates, such as the Yongjin Group. This will enhance the efficiencies, increase transparency, and facilitate better risk management solutions for the design of ABS financing products. The union of these partners will thrive in Singapore, the current ASEAN hub for Asset Backed Securities (ABS) financings and products.
"Together with our partners, we will bring many new offerings to market in businesses such as new energy transportation and services, travel and tourism properties, retirement properties, time shares, and much more," said Dr. Bruno Wu, Chairman of Ideanomics. "From designing more efficient products for debt and equity offerings, to better risk management solutions, we plan to work closely with regulators and the high-quality ecosystem for which Singapore is known. We are excited with the opportunities Singapore has to offer, including access to a broad investor base and the ability to repatriate revenues in a tax efficient manner."
Additionally, the Company has announced it has made an investment in Liquefy (https://www.liquefy.com). Based in Hong Kong, Liquefy is a blockchain agnostic issuance platform for security tokens, and has quickly become the foremost Asian player in this nascent space. The company's primary focus is real estate, with assets in Hong Kong, Singapore, USA, UK and Middle East in the pipeline for tokenization.
Ideanomics has acquired 10% of Liquefy for the consideration of 815,375 restricted rule 144 common shares of Ideanomics (IDEX), representing US$1,500,290 at $1.84 per share.
"Adrian and his team have significant expertise in the securitized token space and have blended this knowledge with impressive innovations to provide asset holders with a platform where they can quickly and easily gain access to the liquidity they require," said Alf Poor, CEO of Ideanomics.
Lai and his team are very enthusiastic about the potential for tokenization in the commercial asset space, such as sport teams and racing horses. "These are definitely avenues we intend to pursue this year," said Lai. He has also detailed funds raised in this round will primarily be used to fund the launch of their investor subscription platform.
About Yongjin Group
Founded in 1995, Yongjin Group (http://www.yongjin.com.cn/en/) is a holding company focusing on finance. With the vision of becoming the most trusted financial service institution in the market, Yongjin holds "integrity, responsibility, professionalism, teamwork, and mutual benefit" as core values. Over the past two decades, the company has achieved remarkable business performance. Yongjin owns more than 30 billion (RMB) in total assets and employs over 6,000 people. Assets under management is approximately 400 billion (RMB).
Liquefy is a Hong Kong based, security token issuance platform based on blockchain technology, that works with issuers to tokenize a variety of asset classes, with real estate being a key focus, to realize the value of tokenization. https://www.liquefy.com
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provide our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
The company is headquartered in New York, NY, and has offices in 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.
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