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).
About Ideanomics
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.
Investor Relations and Media Contact
Tony Sklar, VP of Communications at
Ideanomics
55 Broadway, 19th Floor New York, New
York 10006
Email: ir@ideanomics.com
www.ideanomics.com
Tel: +1.212.206.1216
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