SG e-Auction set to be first online live B2B auction platform for luxury goods

SINGAPORE — Catalist-listed MoneyMax Financial Services is teaming up with Tokyo-listed Aucnet to jointly develop Singapore’s first online real-time business-to-business (B2B) auction platform.

Announcing the joint venture on Friday (Sept 22) at a press conference, MoneyMax said SG e-Auction will operate and manage the platform which allows regional business buyers and sellers to make electronic bids for luxury branded merchandise, and gold and diamond goods.

“SG e-Auction will develop a new B2B auction market in Singapore, and seek to transform Singapore into a hub for used luxury branded goods in Asean,” said Mr Fujisaki Kiyotaka, representative director and president of Aucnet.

MoneyMax will own 51 per cent equity stake in SG e-Auction, while Aucnet holds the remaining 49 per cent.

Based in Singapore, the platform will bring together MoneyMax’s established network in the local market and Aucnet’s operational know-how in the B2B online auction industry.

Established in 1985, Aucnet is Japan’s leading real-time auction platform company which provides B2B information distribution services. Aucnet’s online auction platform, with used automobiles, electronic products, flowers and branded items being auctioned weekly, has a membership of 24,578 companies.

Dr Lim Yong Guan, executive chairman and chief executive officer of MoneyMax, said: “We are honoured to partner a reputable and well-established partner like Aucnet, a market leader with more than 30 years of experience in the Japanese B2B auction market. We are excited to bring its successful business model to Singapore and are confident of leveraging on each other’s strengths to grow this business as well as attract other fellow businesses to join this network.”

Through the e-auction platform, SG e-Auction aims to unify and facilitate the selling process for business buyers and sellers amid a fragmented luxury goods trading market. By introducing a successful and proven business model from an established and mature market such as Japan, to the Asean market, SG e-Auction aims to expand the distribution markets and channels for buyers and sellers, said MoneyMax.

This initiative will also tap opportunities in South-east Asia’s growing luxury market, largely driven by higher affluence and a rising middle class.

Luxury goods retail sales in the Asia-Pacific are expected to reach US$134.9 billion (S$182 billion) by 2019, growing at a 7 per cent compounded annual growth rate from 2014 to 2019, according to the company.