A Chinese investment think tank has entered into an agreement with Seven Stars Cloud Group, Inc., the financial technology company opening a global hub in West Hartford.
SSC announced Monday that it now has an exclusive agreement with the China Venture Capital Research Institute, founded in China in 2003 to help develop the country’s venture capital sector.
Through the agreement, SSC will be the sole provider of various digital investment and financial technology — or fintech — services to its clients, including a type of low-risk investment called fixed income asset classes.
These investments can be traded on government-designated exchanges within China, SSC says. Other products SSC provides and plans to develop, like tokens based on the oil and real estate industries, will be traded globally.
Through SSC’s numerous partnerships, it plans to create a full suite of fintech and digital asset services, including artificial intelligence-enhanced ratings and risk management. The company is also tokenizing assets using blockchain, a tool for building secure, digital ledgers and the accounting technology behind cryptocurrencies like bitcoin.
“In effect, SSC is creating a new digital asset ecosystem and the supporting market … ” SSC said. “Furthermore, SSC and CVCRI will undertake their activities in full compliance with regulators.”
SSC plans to develop a $283 million technology and innovation hub at the former UConn campus in West Hartford. The project, called Chain Valley, will employ at least 330 people over five years and be home to upwards of 50 companies, along with a research institute and training center, according to Bruno Wu, the businessman behind the project.
Wu, an American citizen, has earned much of his billion-dollar fortune through business enterprises in China.
CVCRI was created in 2003 by the vice chairman of China’s legislature and the president of Hong Kong Polytechnic University. Its website was not operational Monday.