IE Singapore, Shopmatic tie-up for growth perspectives in Southeast Asian markets

ANI | Updated: Nov 11, 2017 15:12 IST

Bengaluru (Karnataka) [India], Nov 11 (ANI): International Enterprise (IE) Singapore on Saturday announced its partnership with Shopmatic, Red Dot Payment, and iCommerce Asia to capture the growing e-commerce market in Southeast Asia through integrating its e-commerce solutions.

IE announced securing 100,000 Singapore dollars deal in Southeast Asia to develop a network of e-commerce companies across the value chain to offer complementary services.

However, Southeast Asia's e-commerce market is growing at 17 percent per year and is projected to be valued at Singapore dollars 120 billion by 2024.

With rising competition, e-commerce companies need to offer strong and unique value propositions to stay in the game. IE Singapore's partnership brings together different companies offering complementary solutions, overcoming their individual capability gaps to capture opportunities in this region. The combined solution will help companies looking to take their businesses online in Southeast Asia.

"This alliance that IE Singapore initiated allows Shopmatic to enter markets in Southeast Asia by partnering Red Dot Payment and iCommerce Asia. The comprehensive solution enables us to deliver value to our prospective customers in new geographies," said chief executive officer, Shopmatic, Anurag Avula.

Beyond this partnership, IE Singapore is looking to encourage more companies with different e-commerce solutions to come forth and form different alliances flexibly to respond to the fast changing competitive landscape.

Moreover, to facilitate more partnerships and projects, IE Singapore will organise a series of round tables this month to better understand challenges SMEs face for regional e-commerce projects. (ANI)