CoAssets Limited (ASX: CA8), an online crowdfunding platform based in Singapore, announced on Thursday it has signed a strategic cooperate agreement with EC Technology & Innovations Limited (ECTI), a wholly owned subsidiary of Shaing Economy International, Inc. (NASDAQ: SEII).
According to CoAssets, Sharing Economy International is currently focused on targeting the technology and global sharing economy markets by developing online platforms and rental business s partnerships that will notably drive the global development of sharing through economical rental business models. CoAssets explained:
“Under this strategic cooperation agreement with ECTI , CoAssets will gain access to all subsidiaries and affiliated companies within the SEII Group so that they will use and deploy technological solutions and services provided by CoAssets. Both parties will also continue to develop new solutions and products to meet emerging market needs, as well as co-market each other’s products and services through their respective sales and distribution networks. The commercial t erms of this agreement are subject to continuing negotiation s and a final contract.”
While sharing more details about the partnership, CEO and Co-Founder of CoAssets, Getty Goh, stated :
“In the last annual report, we shared that we wanted to grow CoAssets beyond crowdfunding. While there are many similar platforms out there, we recognized that our people, technology, and innovations were our key differentiators. The fact that we are able to attract EC Technology & Innovation s Limited (ECTI), a wholly owned subsidiary of Sharing Economy International Inc. (SEII), a NASDAQ listed company, to become our strategic partner is an endorsement of our market edge. Commercially, this cooperation makes sense for CoAssets as it will help us to secure a pipeline of projects and deals. Besides raising funds for other subsidiaries of SEII, we will also be able to help them incorporate smart contracts /blockchain in their business processes via our Hong Kong platform, Piggiebank.”
Goh then added:
“This dramatically increases our product offerings and posit ions CoAssets as a Fintech enabler. Looking ahead, this is just the first step and I look for greater collaboration with EC Technology & Innovation s Limited (ECTI) in the coming months.”
CoAssets listed on the ASX last January and as of today, CoAssets is currently trading at price with a market cap of 27.72m and has 184.81m shares.