Ideanomics and APMEN Trade Tech form joint venture for blockchain port project

The US-based technology company, Ideanomics, has formed a joint venture with the Asia-Pacific Model Electronic Port Network (APMEN) Trade Tech Company.

Ideanomics will deliver blockchain technology and artificial intelligence (AI) to supply chain services in APMEN’s online port clearance system – the Asia-Pacific Economic Cooperation (APEC) Model E Port Network.

The US company will have a 60% stake in the joint venture which intends to streamline supply chains and extend port-to-port connectivity.

“We are excited to deliver a never seen before intelligent supply chain management platform driven by blockchain and super artificial intelligence technology,” stated Bruno Wu, Chairman and co-CEO of Ideanomics.

“We will integrate business data from various partners, establishing a risk control model in cooperation with a single window to provide risk control services for regulatory authorities and enterprises.”

“The full implementation of connecting e-ports across the region using the Ideanomics supply chain finance blockchain will save more than just trading costs and time,” remarked Dr Liu Yadong, APEC Model E Port Network’s Chairman.

“By leveraging the expertise of Ideanomics for their best in class intelligent supply chain services and super artificial intelligence technology we are advancing trade facilitation and our supply chain connectivity.”