HONG KONG, Jan. 17, 2018 /PRNewswire/ — Sharing Economy International Inc. (“Sharing Economy” or “the Company”) (Nasdaq: SEII) today announced that its wholly-owned subsidiary, EC Technology & Innovations Limited (“ECTI”), has entered into a cooperation agreement with CoAssets Pte Ltd. (“CoAssets”), for the development of a blockchain-enabled financial transaction system and mobile application.
“This is a great opportunity to work with SEII, which has a strong foothold in the global sharing economy, technology and media businesses,” said Getty Goh, CEO and co-founder of CoAssets. “After establishing our crowdfunding platform in a number of regions, we are now looking to expand into other overseas markets, serve more international clients, and more importantly, continually act as a reliable bridge to channel funds from investors to those entities in need of funds on a risk-adjusted basis across different countries and regions. Our previous acquisition of Fintech enabled us to develop our financial transaction platform and applications, and we strongly believe that SEII can provide a good platform for us to deploy these technologies through different sharing economy applications.”
“Developing a transaction platform is a key component of the sharing economy ecosystem that SEII is developing,” said Parkson Yip, COO of Sharing Economy. “Having CoAssets as a new partner will help us explore more opportunities in financial transaction technologies. Utilizing their experience in blockchain applications development, CoAssets will play a vital role in developing our transaction platform to support various sharing economy applications, where secure, accurate and autonomous are the keys to success. By applying blockchain technology, distributed ledger and smart contracts, we can provide an ideal transaction platform with accuracy and transparency. With so many third party sharing platforms using different cryptocurrency or redemption points, we believe users will enjoy the convenience of our transaction platform, which will allow for the exchange of different cryptocurrency or redemption points across multiple sharing platforms.”
About Sharing Economy International Inc.
Sharing Economy International Inc., through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company’s latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. Moreover, the Company is actively pursuing for the application of blockchain technologies in its existing and to-be-acquired businesses, better enabling the general public to realize the beauty of resource sharing.
CoAssets is Southeast Asia’s first public listed crowdfunding site with offices in Singapore, Australia, Malaysia, China and Indonesia. CoAssets brings real estate developers, businesses and investors together. As a vested stakeholder in the crowdfunding space, CoAssets has also launched Crowdfunders. Asia, a magazine that is dedicated to all things related to crowdfunding to benefit the crowdfunding community. CoAssets invested to Fintech Pte Ltd, which owns Piggiebank, an online platform that provides users with investment products.
Equity shares of CoAssets are listed on Australian Securities Exchange. For more information, please visit https://www.coassets.com/.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2016 and in our Form 10-Q for the quarter ended September 30, 2017. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Sharing Economy International Inc.
Parkson Yip, COO
Joseph Chow, Director of Investor Relations