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E-commerce platform, logistics tech focus of MOU between Y Ventures, SingPost
E-COMMERCE retailer and distributor Y Ventures announced it has signed a non-binding memorandum of understanding (MOU) with SingPost for potential collaboration in two areas.
Under the MOU, the two firms are exploring the development of an e-commerce buying platform which is focused on cross-border purchases on behalf of consumers and consolidated deliveries, as well as logistics-related technology to "enhance efficiency across the vertical logistics chain".
Y Ventures cautioned the MOU is not legally binding and is conditional upon the group entering into definitive agreements with SingPost, of which they are in the process of negotiating.
The company will make further announcements on the MOU should there be material updates.