e-commerce

Citi, Lazada launch co-branded credit card targeted at millennial consumers

SINGAPORE (Dec 9): Amid the growing purchasing power of millennial consumers in Singapore and the rising number of online shoppers, Citi and Lazada Group have jointly launched the Citi Lazada credit card. 

The card, a partnership between the world’s largest credit card issuer and Southeast Asia’s leading e-commerce platform, is said to be targeted at millennial online shoppers who have exhibited growing purchasing power over the years.

Singapore-based start-up that gives loans to online shoppers scores US$500 mil valuation

SINGAPORE (Dec 3): FinAccel Pte, which extends credit to online shoppers in Indonesia under the Kredivo brand, has raised US$90 million ($123 million) of expansion capital in a fundraising round valuing the company at almost US$500 million.

South Korea’s Mirae Asset-Naver Asia Growth Fund and Australian venture capital firm Square Peg co-led the Series C financing, according to FinAccel Chief Executive Officer Akshay Garg. Other backers joining the round included Singtel Innov8, Telkomsel Indonesia, Cathay Innovation and Kejora Intervest.

Enterprise Singapore links up with Synagie to spur SMEs' cross-border e-commerce growth

SINGAPORE (Nov 4): E-commerce solutions provider Synagie Corporation announced Monday it has been appointed as a partner by government agency Enterprise Singapore to help small- and medium-sized enterprises (SMEs) internationalise through e-commerce.

The development project will see SMEs in Singapore receive 70% subsidy for subscription to Synagie’s Multichannel E-commerce Platform Solutions, which has a package price of $20,000 per SME for the first year.

Digital financial services to generate $52 bil annually by 2025; 'underbanked' and 'unbanked' remain challenges

SINGAPORE (Oct 30): The digital financial services industry in Southeast Asia is poised to triple in annual revenue generation by 2025 to reach an estimated US$38 billion ($52 billion), a new study has revealed.

The “Fulfilling its Promise - The Future of Southeast Asia’s Digital Financial Services” study by Temasek Holdings, Google and Bain & Co also estimates that the upside estimate of potential revenue generation could reach as high as US$60 billion in the next six years.

Amazon launches bigger local online store in Singapore

SINGAPORE (Oct 8): Amazon.com Inc has launched a bigger local store and marketplace in Singapore, expanding its product selection and intensifying competition with rivals such as Alibaba Group Holding Ltd’s Lazada and Sea Ltd’s Shopee.

The U.S. company launched local online shopping in the wealthy Southeast Asian city-state more than two years ago with its fast delivery service through a mobile app. But its initial local selection, which focused on groceries and household essentials, has not been as wide as those offered by rivals.

Briefs

Singapore (Oct 7): “Officially Tuas is designed to handle 65 million TEUs (20-foot equivalent units), but I am sure PSA can squeeze a little more out of it if we work hard.”Prime Minister Lee Hsien Loong, at the groundbreaking of the Tuas Megaport on Oct 3.

Green infrastructure needed for Asia: Minister Indranee

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Singapore e-commerce to grow to US$7 billion by 2025

SINGAPORE (Oct 3): Singapore’s e-commerce is set to triple in value to US$7 billion ($9.7 billion) in just six years, in parallel with rapid growth across Southeast Asia that will see the total internet economy in the region reach a whopping US$300 billion by 2025.

This is according to the e-Conomy Southeast Asia report 2019, released on Thursday by Google, Temasek, and Bain & Company.

SingPost's US e-commerce units seek bankruptcy protection

SINGAPORE (Sept 19): Singapore Post (SingPost) today announced that its two e-commerce businesses in the US – Jagged Peak and TradeGlobal – have filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.

This came on the back of the group failing to find a buyer for the two e-commerce units. It ran a comprehensive sale process over almost six months, which saw 105 interested parties that signed non-disclosure agreements and led to eight expression of interest and finally two non-binding offers.

Sea rolls with Garena’s gaming business but e-commerce unit Shopee remains in the red

(Sept 16): When Shopee was launched four years ago, the event was held at a second-floor café with about 30 people attending. On Sept 3, the e-commerce subsidiary of New York-listed, Singa pore-based Sea officially opened for business in its own brand-new six-storey building, with Deputy Prime Minister Heng Swee Keat as the guest of honour.

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Keppel Logistics subsidiary UrbanFox expands to Vietnam and Malaysia

SINGAPORE (Aug 20): Logistics and e-commerce solutions provider UrbanFox, a subsidiary of Keppel Logistics, is enlarging its Southeast Asia footprint.

Leveraging Keppel Logistics’ network, UrbanFox says it is expanding to Vietnam and Malaysia to support brands there in meeting their business-to-business and business-to-consumer demands.

This includes handling logistic needs from warehousing, inventory management and last-mile fulfilment, as well as marketing products on online marketplaces.

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