Published
Oct 24, 2016
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WeShop taps 7-digit funding from Vietnam, Malaysia investors

Published
Oct 24, 2016

Vietnam's NextTech Group of Technopreneurs and Malaysia’s Haspro Holdings have jointly contributed US seven-digit funding to weshop.co.id, so parent firm WeShop Global Group can pursue cross-border shopping opportunities.


WeShop


Both investors will have board seats at WeShop Global, while a senior executive from NextTech will act as chairman of the company, reported Deal Street Asia.

“This fund will be used to promote the benefit of worldwide shopping to online consumers and to strengthen the operation and customer service for WeShop Indonesia and other markets across Southeast Asia,” said a joint release.

As a result of the investment, weshop.co.id has become the first cross-border e-commerce platform launched in Indonesia, the companies said.

“Cross-border shopping is a booming trend in e-commerce nowadays, growing two times faster than the total B2C market and five times faster than global cross-border trade until 2020 thanks to its nature of bridging the merchandising availability between countries. However, logistics cost, complicated payment method and risk concern are among the barriers for online consumers,” commented Emme Dao, founder and CEO of WeShop Global.

WeShop allows Indonesian shoppers to purchase more than 200 million genuine products from the US and other famous brands, which are often unavailable or more costly locally.

Payment can be made through any local payment method before the items are delivered, while taxes and other fees are to be paid separately before delivery. The platform offers up to 70 per cent discount compared to products sold at local stores.

Incorporated in Singapore, WeShop has businesses in Indonesia, Malaysia, Singapore, the Philippines, Thailand, the US and Vietnam. It is a unit under the family of NextTech, formerly Peacesoft Corporation, which has re-branded for international expansion.

 

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