MoneyMax launches live B2B e-auction site for luxury goods
Singapore’s first online ‘Live’ B2B auction platform for luxury goods was launched on Wednesday, May 9. Known as SG e-Auction, the new online auction site is the product of a joint collaboration between pawnbroker MoneyMax and Japan’s leading B2B internet auction company, Aucnet.
According to MoneyMax, the online platform is the first of its kind in the country, pioneering as a live B2B auctioning platform for the sale of luxury goods and offering items ranging from luxury branded merchandise, gold, to diamond goods.
The Singapore based e-auction site also aims to expand the distribution channels by enabling cross border trades. Designed to be a comprehensive but simple way to facilitate the buying and selling process of luxury goods, the initiative is set to revolutionise the present trading environment by efficiently connecting buyers and sellers through the new online platform in an efficient, transparent and cost-effective manner.
Commenting on the inaugural launch, Lim Yong Guan, Chief Executive Officer of MoneyMax, said, “We are excited about the new opportunities brought by the launch of this new online platform. Specifically, this distribution channel allows us to tap into the growing market of pre-owned luxury goods in Southeast Asia on the back of a rising middle-income class.”
Looking at trends of growing affluence rising middle class, MoneyMax has big dreams for SG e-auction,with aims to tap into Southeast Asia’s growing luxury market and potentially become the premier leading B2B online auction platform for luxury goods in ASEAN.
“I’m happy to share that currently we have members from Singapore, Malaysia, Vietnam, Hong Kong, Japan and the US. With the eventual link up of SG e-Auction and Aucnet online platforms in the future, buyers will have access to a greater variety of luxury goods while sellers will gain a wider pool of ready customers. This initiative will certainly bring new business opportunities and spur the vibrancy of the preowned luxury retail market in the region.”