Sacotech on Wednesday announced a strategic partnership with up and coming fintech maestro Universal Auction Program ( UAP ) as part of its 3 year plan. Days after this announcement, Sacotech also named its new board of directors which saw the appointment of a few key important positions. Market observers interpreted the new board composition as one that was evident of the conglomerate’s ambitious push of its flagship auction service, the Sacotech Innovative Co-Invest Platform ( SCIP ), into the emerging markets.
The partnership between Sacotech International and UAP has rumoured since the turn of the year. The widely anticipated move is seen to be a huge move forward for both entities. UAP, formed at the start of 2018, is a blockchain development company which has its eyes set on tokenising the online auction markets. Sacotech’s innovation in revolutionising the online auctions of high end items by allowing participants to co-invest in owning of the pre-auction items, coupled with its wealth of experience within the arena has certainly propped itself further up the ranks of premier auctioneers with this partnership. UAP is the natural choice for Sacotech, resulting in a perfect marriage of two related businesses.
Newly appointed Independent Executive Director of the Sacotech board, Mr Stanley Ho, is the Co-Founder of UAP. Likely to be the key man in driving the business distribution channels within the APAC region, Stanley looks to be the most critical acquisition amongst the new board members.
“Whilst online auctioning is not new, we are envisioning an impending revolution in the employment of blockchain technology within the auction world by building an ecosystem that is robust and unsurmountable,” said Mr Stanley. He added : “less the upmarket luxury goods, the other online markets have their own unique set of issues like existence of counterfeits, security and lack of transparency from start of product registration with the auction house to the end of auction. Our solution will resolve every single issue. ”
Fresh from its notable presence as a key participant in Seoul’s recent Block Seoul event, UAP is seeking to launch its own cryptocurrency, the UAP token by the end of this year. With a stable growth from 2014 till 2017, the online markets are expected to hit beyond US$3,420 million within the next four years. This presents an immense opportunity for UAP to engage major players in the market. It is believed, at press time, UAP has successfully penned at least six major partnership deals with auction houses, albeit unannounced. It would not be a surprise judging from the business model of UAP henceforth, to sell its technology to more auction houses; a proposition deemed to be the easiest of decisions to make for participating partners.
“It is an exciting development. With this partnership with UAP, it adds creditability to what we do by the leaps and bounds,” explained Mr Edward Norman, Chief Executive Officer of Sacotech International, on their decision to adopt UAP’s technological solution onto their platforms. “More importantly, with SCIP pivoting its delivery of services on UAP, confidence is what the users are able to get. I am extremely excited at the prospect of our adoption of UAP.”
UAP Founder Mr Tim Cooper stressed that it is UAP’s relentless pursue to harness the power of the blockchain into its current and future service provisions. “UAP is the kind of innovative thinking that brings the worlds of the luxury goods, second hand luxury goods and other auction products together. The integration of the components in the UAP Ecosystem primes for it to be one of the most complete auction-based technological solution in the future in the world,” elaborated Mr Cooper.
A broader adoption of UAP blockchain in the online auction world will serve to benefit every component of the ecosystem; from UAP Token owners to users to the buyer-seller entities. With this, the goal of Sacotech to eventually attain mainstream usage among the ever- increasing digital online auction community will appear to be reachable very soon.
For further information, or to express your interest in a strategic partnership with UAP, please email to email@example.com. Details regarding Sacotech International and UAP can be found at www.sacotech.com and www.atauctions.com respectively.
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