KUALA LUMPUR: MNC Wireless Bhd has inked a Memorandum of Understanding (MoU) with Hot TV Entertainment Sdn Bhd to kick-start its lifestyle e-commerce platform.
In a statement today, MNC said it would be investing RM5.5 million for the development of the platform in the next 18 months and allocating RM2.8 million as its working capital.
This capital was raised from MNC's 30 per cent private placement, which was completed early this year.
MNC said the lifestyle e-commerce platform combined social media features with an e-commerce marketplace that matched buyers and merchants.
The platform aims to eliminate layers of sales channels in product adoption via a business-to-consumer (B2C) model.
The company plans to first launch the platform in Malaysia, then gradually launch the platform regionally in other regions in the Asia Pacific within an estimated timeframe of two years following the launch of the platform in Malaysia.
Chief executive officer cum executive director Datuk Christopher Tan Chow How said the adoption of e-commerce by merchants and consumers in the Asean region had been witnessing an upward trend in recent years.
"Our lifestyle e-commerce platform will provide an integrated one-stop solution to address the core aspects of e-commerce operations.
"MNC's provision of end-to-end fulfillment services shall encompass the operations and management of the mobile platform, provision of branding, marketing and promotional services, order placement and fulfillment, warehousing, logistics as well as data analytics.
"The platform will be equipped with a customer relationship management feature that will allow buyers to track the status of orders placed," he said.