Establishment of “SG e-Auction Limited” in Singapore with MoneyMax Financial Services Expansion of used luxury brand products business to Southeast Asia.
AUCNET INC, which provides B2B information distribution services (AUCNET), and MoneyMax Financial Service Limited, which is a leading pawnbroker, retailer and trader (MoneyMax), announced today that the two companies have reached an agreement to collaborate on the establishment of a new joint venture to be called “SG e-Auction Limited” in Singapore.
About SG e-Auction Limited Company Name:SG e-Auction Limited Headquarters:7 Changi Business Park Vista, Singapore 486042 Found:2017 October Registered capital:600,000 USD Ratio of shareholding:MoneyMax : 51% / AUCNET : 49% President:Dato’ Sri Dr. Lim Yong Guan Business:Used luxury brand business in Singapore and ASEAN region
Today, the ASEAN region is experiencing rapid population and economic growth, and a steady increase in the proportion middle-upper class citizens. Moreover, a single market of 6 billion consumers has been created due to the ASEAN Economic Community (AEC). The AEC was established to allow people, money and goods to move freely within the region. In this environment, the used luxury brand market is also booming.
SG e-Auction Limited will develop a new B2B used luxury brand online auction market in Singapore, which will be a hub for used luxury brand goods for the thriving countries of ASEAN. It will do this through a synergy of MoneyMax’s brand power and distribution know-how in the region, and Aucnet’s information distribution know-how built up over the past 30 years.
By distributing used luxury brand products in a B2B market with “reliable information”, SG e-Auction Limited will contribute to the development of the used luxury brand goods industry, and other related industries in the region. This will allow consumers in ASEAN to purchase used luxury brand goods with peace of mind.
The partners are confident that this new distribution platform can contribute to the economic development and prosperity for the people of this region.
In the future, a second auction hub will be established by Aucnet in Hong Kong to serve East Asia including China. Combined with the ASEAN hub of SG e-Auction Limited in Singapore and Aucnet’s well-established operations in Japan, this will form the largest B2B used luxury brand trading platform in Asia.
【AUCNET INC】 Established：1985 June TSE First Section March 2017 Address ：Aoyama OM Square, 5-8 Kita-Aoyama 2-chome, Minato-ku, Tokyo, Japan President ：Kiyotaka Fujisaki Business : Aucnet’s online auction platform, with used automobiles, motorcycles, electronic products, flowers and branded items
【MoneyMax Financial Service Limited】 Established：2008 October SGX August 2013 Address : 7 Changi Business Park Vista Singapore 486042 Executive Chairman & CEO：Dato’ Sri Dr. Lim Yong Guan Business : Leading pawnbroker, retailer and trader of preowned jewelry, watches and bags
Inquirie AUCNET INC. General Planning Department：Tsuchiya, Ito and Yoshioka TEL：03-6440-2530 MAIL：email@example.com