Forefront Communications

Hartford Courant: Seven Stars Cloud Inks Two Major Deals Since Announcing West Hartford Hub


Sam Belden

Sam Belden

In the month since Seven Stars Cloud announced plans to build its global technology headquarters in West Hartford, the once little-known financial technology company has landed its first major clients.

The company’s chief financial officer says SSC stands to earn up to $480 million over three years from the latest deal, which was announced Monday to a more-than 50 percent leap in the company’s stock price.

The new account with China’s largest operator of electric buses also lends some legitimacy to SSC as a leader in next-generation financial solutions at a time when the company is just starting to build its profile in the United States.

“Certainly, you’re seeing that individuals and companies and different stakeholders and investors are embracing SSC as a major player in the space,” said Federico Tovar, the company’s CFO. “We know we’re onto something really unique and we’re really, really keeping our heads down, doing our work, and executing our strategy.”

Over the next three years, SSC will help China’s National Transportation Capacity turn about $24 billion in electric buses into financing to upgrade its fleets. The financing will allow the bus operator to meet a Chinese regulation requiring all buses to be electric by 2021.

SSC will use a process called asset digitization — creating a thing of virtual value, like a digital token or currency, that’s backed by something of real, physical value, like a fleet of buses. The digital assets are then carved up into fractions and made available on different digital marketplaces, where investors can buy, sell and trade them.

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