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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.

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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.