Blockchain Firm Signs $24B Deal With China’s Largest Electric Bus Full-Service Operatorbr>
FinTech firm Seven Stars Cloud (SSC) has signed a three-year, exclusive contract with the National Transportation Capacity (NTS) to help raise $24 billion to fund “large-scale electric bus upgrades” in China.
Powered by blockchain and artificial intelligence (AI), SSC facilitates and enables the transformation from traditional financial markets into the asset digitization era. The firm acts as the manager and service provider of an ecosystem for securitization and digital currency tokenization as well as trading system integration.
NTS is the largest full-service operator for electric buses, with sales, lease financing, a charging station network, and real-time data services including media, payments, maps, and facial recognition.
The partnership, which comes amid China’s plan to replace all buses with electric buses by 2021, will see SSC provide “fixed income lease financing-based products” through its regulated network, which will in turn provide NTS with regulatory-compliant blockchain finance products. As part of the deal, SCC will provide China-based and global markets financing campaigns, where SCC plans to raise an estimated $8.75 billion and $15 billion over the three-year time period, respectively.
Bruno Wu, Chairman and CEO of Seven Stars Cloud, said that this is a truly ground-breaking deal globally for blockchain-based FinTech companies to gain such a large-scale, asset-backed, contract. He said it represents a new era and a paradigm shift in the way in which we view asset-based financial products; and it will serve as a window to the world on how asset value and liquidity can be unlocked by traditional industries as we take fixed income products into the digital era.
“By combining regulated financial infrastructure, and the market confidence in asset-based products, with AI-enhanced risk management and the dynamics of blockchain-enabled fractionalization, securitization, tokenization, and global trading of token-based offerings, we are delivering the next-generation of financial products which will be compelling for both asset-rich industries and investors alike,” said Wu. “It’s an exciting time for SSC, and we’re extremely pleased and honored to partner with NTS on this offering.”
Jihong Huang, President of NTS, said that each of the leading ten bus manufacturers in China strongly back NTS in this initiative, and the success of this transaction with SSC will place asset-backed digital offerings firmly on the map.
“We’re delighted to enter into this deal, which is historic in terms of fixed-income asset digitization,” said Huang. “SSC has taken traditional lease financing business offerings and rejuvenated them with today’s new technology, in which flexibility, fractionalization, and global accessibility are key. A combination of SSC’s Blockchain and AI technologies, combined with our shared mission for unlocking both liquidity and enterprise value through asset digitization, will result in a significant transformation of the entire lease financing-based fixed income market.”