TL;DR

Who: Qoo10 and SingPost

Weekly Business Brief | 2019 Week 14

Wrapping up the week's business news and announcements.

SBO Singapore Weekly Business Brief
Published:   |   Updated:   |   Posted in

Qoo10 takes on Alibaba with blockchain

Ku says blockchain makes it cheaper to run an online marketplace which lets him remove the fees he currently charges merchants to sell products on the site. That, he says, should attract even more sellers.

Ku says blockchain makes it cheaper to run an online marketplace which lets him remove the fees he currently charges merchants to sell products on the site. That, he says, should attract even more sellers. Ku is also creating a payment system based on the technology that will help attract new shoppers in a region where cash still predominates. So far, the response has been positive: Three months in, he says, more than 5,000 merchants have registered 2.3 million or so products on QuuBe.

The technology automates certain e-commerce transactions and processes that typically require humans. That’s why Ku can eliminate merchant fees and make it easier for anyone to set up an online shop. Blockchain also enhances trust among participants because they can more easily trace transactions from start to finish.

Meanwhile, the ledger offers an alternative, more secure payment method in a region where many shoppers lack access to financial services. Buyers and sellers use tokens called Q*coins, which are stored in a digital wallet in the QuuBe app. Q*coins are pegged to the U.S. dollar and fully convertible with no extra fees. As more of the tokens circulate, Ku says their value will appreciate—giving merchants another way to profit.

Read more on this Bloomberg report.

SingPost confirms sale of US e-commerce subsidiaries

Singapore Post (SingPost), which has been in the spotlight over a series of lapses, said on Wednesday (Apr 3) that it will sell two of its US e-commerce subsidiaries following a strategic review.

“SingPost believes its strengths and strategic competitive advantages are in Southeast Asia and Asia Pacific, which provides attractive growth opportunities,” the postal service said in a stock exchange filing.

The businesses it will sell are Jagged Peak and TradeGlobal, said SingPost, without providing a valuation for the units.

Read more on this Channel NewsAsia report.


Seen anything interesting? Tip us off.

Want to be seen and heard? Contribute or advertise with us.

Like what you read? Follow us on Facebook and LinkedIn to get the latest updates.

Get the latest updates right to your mailbox

We will not share your contact information
By registering, you agree to our T&C and Privacy Policy
I'd rather write how-to guides and stories than about myself, unless absolutely necessary. Also, ironically, I hardly write with a pen and paper.
>