MoneyMax pioneers live e-auction site with Japan's Aucnet
CATALIST-LISTED MoneyMax Financial Services and Japan-listed Aucnet is jointly developing Singapore's first online live B2B auction platform.
Announcing this on Friday at a press conference, MoneyMax said SG e-Auction will operate and manage the platform which allows Asean business buyers and sellers to make electronic bids for luxury branded merchandise, gold and diamond goods.
MoneyMax will own 51 per cent equity stake in SG e-Auction, while Aucnet holds the remaining 49 per cent.
Headquartered in Singapore, the platform will bring together Aucnet's extensive operational know-how and experience in the B2B online auction industry and MoneyMax's strong and established network in the local market.
The initiative will also tap on opportunities in South-east Asia's growing luxury market, largely driven by higher affluence and rising middle class.
Luxury good retail sales in Asia-Pacific are expected to reach US$134.9 billion by 2019, growing at 7 per cent compound annual growth rate from 2014 to 2019.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand