Safe and Green Development Corporation (NASDAQ: SGD) stock surged about 37% in intraday trading Thursday following news of its collaboration with Affiliated Services Group (ASG) to bolster mortgage services.
Safe and Green Development (SGD) recently unveiled a strategic collaboration with Affiliated Services Group (ASG) to introduce mortgage banking-related services on its innovative Xene platform across 49 states in the U.S. The partnership aims to utilize ASG’s extensive experience in mortgage banking to deliver efficient and customer-focused services.
The Xene platform, powered by advanced AI technology, represents a key component of SG Devco’s broader vision to revolutionize the real estate marketplace. It aims to create an all-in-one solution that connects various stakeholders, including banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers, within a structured AI-driven environment.
David Villarreal, CEO of Safe and Green Development Corporation, expressed his excitement about the partnership, highlighting its transformative potential. Villarreal stated,
“We are incredibly excited about our partnership with ASG and the immense potential it holds. This collaboration will not only expand our reach but also enable us to leverage ASG’s expertise in offering comprehensive mortgage banking services. Together, we intend to revolutionize the industry by delivering safe, sustainable, and customer-centric solutions through our Xene platform.”
Tim Walsh, CEO of ASG, echoed Villarreal’s sentiments, highlighting the synergies between the two companies. Walsh stated,
“We are delighted to integrate ASG services with the XENE AI real estate platform. We believe we will create a next-generation approach to delivering mortgage services on a nationwide basis and create a broader and more efficient platform for real estate professionals and consumers.”
Moreover, Walsh elaborated on the combined expertise of both enterprises and the innovative Xene AI component, emphasizing the potential for expedited consumer purchases with increased efficiency and cost savings.
Safe and Green Development (NASDAQ: SGD) Stock Price Action
SGD stock jumped 36.73% to close at $0.85 on Thursday. Its value increased by 28.46% this week. Trading activity has witnessed 100,647,923 (100.64 million) shares changing hands, well above the average daily volume of 2.90 million.
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