Technology firm Seven Stars Cloud Group said Monday it is working with China’s largest electric bus operator to provide finance services using blockchain technology.
In a press release, SSC said its exclusive partnership with the National Transportation Capacity Co. would run for three years and was worth $24 billion.
According to Seven Stars, China’s government plans to replace all traditional buses with electric vehicles as soon as 2021. The upgrades will be financed by lease financing-based fixed income products through SSC’s blockchain ecosystem. There will be two financing campaigns, one in China and the second across global markets.
“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,” Jihong Huang, president of National Transportation Capacity, said in the release.