SINGAPORE, May 3, 2023 /PRNewswire/ -- Cosmos Group Holdings (OTC:COSG) and Smart Citi Teknologi have signed a Memorandum of Understanding (MOU) for a strategic partnership that aims to leverage Cosmos' expertise in Art & Cultural Digital Ownership Tokens (DOTs) to advance Smart Citi Teknologi's development into Smart Cities Solutions.
Smart Citi Teknologi is a Philippines-based tech company specialized in the development and integration of technologies into Smart Cities Solutions. The company provides a comprehensive range of services that enable the development of smart, sustainable, and inclusive cities. Cosmos Group Holdings, on the other hand, is a provider of services related to the Art & Cultural Digital Ownership Tokens ("DOTs"), specifically, non-fungible token created by utilizing distributed ledger technologies and non-fungible tokens ("NFT") technology with a unique identifier to reflect the digital ownership title to a tangible or an intangible asset by embedding legally binding ownership documentation into the metadata of the DOT and securing such metadata on a blockchain.
Under the terms of the MOU, Cosmos Group Holdings will provide Smart Citi Teknologi with services related to the creation of Art & Cultural DOTs for all tangible and intangible assets, which will be exclusively used by Smart Citi Teknologi for its Smart Cities Solutions. The parties will also contribute their respective proprietary technologies to create new services for their respective markets.
"We are excited to partner with Smart Citi Teknologi to bring the benefits of Art & Cultural DOTs to Smart Cities Solutions," said Terry Lee, Chief Executive Officer of Coinllectibles, a wholly owned subsidiary of Cosmos Group Holdings. "This partnership will enable us to expand our reach into new markets and provide our unique and innovative art and blockchain services and solutions to Smart Citi Teknologi."
Mario Marcos, President and Founder of Smart Citi Teknologi, added, "We are delighted to collaborate with Cosmos Group Holdings to incorporate Art & Cultural DOTs into our Smart Cities Solutions. Our goal is to develop Smart Cities Solutions that will improve the quality of life of citizens. The partnership with Cosmos Group Holdings allows us to leverage their expertise in Art & Cultural DOTs to provide comprehensive and efficient solutions to our smart cities markets, while also enabling us to contribute to the promotion and preservation of art and culture."
In summing up the partnership, Terry said, "We believe that this partnership will create significant value for both companies and their respective markets, and we certainly look forward to working closely with Smart Citi Teknologi to deliver innovative solutions that will benefit our clients and the communities they serve."
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that COSG is a holding company that may not realize the expected benefits of DOT's offered by Coinllectibles™️. A further list and description of these risks, uncertainties and other risks can be found in COSG's regulatory filings with the U.S. Securities and Exchange Commission, including in its annual report on Form 10-K filed on April 15, 2022. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. COSG undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
For media queries, please contact:
Media@Coinllectibles.Art
About Cosmos Group Holdings Inc
Cosmos is a business group that operates in two business segments:
- Arts and Collectibles
- Financing
Through Coinllectibles™, the group provides authentication, valuation and certification (AVC) service, sale and purchase, hire purchase, financing, custody, security and exhibition (CSE) services to art buyers through traditional channels, as well as through leveraging blockchain technology through the creation of digital ownership tokens (DOTs). With subsidiaries licensed under Hong Kong's Money Lenders Ordinance, the group currently primarily provides unsecured personal loan to private individuals, with a small portfolio of mortgage loans. The group is integrating the two business segments by offering secured financing services to prospective art and collectibles purchasers to provide a one-stop arts and collectibles purchasing and financing experience.
About Smart Citi Teknologi
Smart Citi Teknologi is a Philippines based Tech Company specialized in the development and integration of technologies into Smart Cities Solutions. Its vision is to create sustainable and liveable cities through the use of cutting-edge technology.
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SOURCE Cosmos Group Holdings Inc.
