M N C Wireless Bhd inks MOU with Hot TV Entertainment Sdn Bhd to start a Lifestyle E-commerce Platform.
In the MOU, MNC expresses its interest to acquire, invest, develop or collaborate with Hot TV, which specialises in e-commerce lifestyle digital platforms and wireless telecommunications services. The Lifestyle E-commerce Platform combines social media features with an e-commerce marketplace that matches buyers and merchants. The platform aims to eliminate layers of sales channels in product adoption via a business-to-consumer (“B2C”) model. Riding on the digitalisation trend, MNC envisions itself to become an integrated e-commerce provider in Malaysia and over the long term, regionally in the Asia Pacific. It plans to first launch the Lifestyle E-commerce 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 Datuk Tan Chor How Christopher said, “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.
MNC would be investing RM5.5 million for the development of the Lifestyle E-commerce Platform in the next 18 months and allocated RM2.8 million as its working capital. This capital was raised from MNC’s 30% private placement, which was completed early this year.
