This morning, Fingo (M) Sdn Bhd has officially launched Fingo, an innovative e-commerce marketplace with a first of its kind social e-commerce model in Malaysia.
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Fingo distinguish themselves by focusing on members empowerment with its S2B2C platform. Every member who signed up will be treated as a VIP and gain access to a wide selection of quality goods by suppliers from Tmall and Taobao, besides opening up new entrepreneurial opportunities for Malaysian via a members-reward system. It is designed to serve as a one-stop center for pre-sale, after-sales, customer service, logistics and other services under one portal. With e-commerce, small and medium-sized enterprises are able to obtain the largest market with the lowest cost and the fastest speed, hence benefiting the all members. Founded by a group of former top executives from China e-commerce giant, Alibaba Group, Fingo aims to tap into the booming and vibrant e-commerce market and the huge business opportunity combined with power of social media in Southeast Asia. Fingo app was officially launched at Berjaya Times Square Hotel by YB Dr. Ong Kian Ming, Deputy Minister of Ministry of International Trade and Industry; Mr. Dong Fang, Group CEO of Fingo; Mr. Wang Nan, Chief Operating Officer of Fingo and Mr. Lee Chee Sing, General Manager of Fingo. Dong Fang said the company’s S2B2C business model uses big data selection technology to aggregate, socialize, and interact with Fingo members. The information on demand, predicting fashion and buying trends will be integrated with domestic and international supply chains, creating an efficient S2B2C platform that gives Fingo unparalleled advantage over other existing e-commerce models. “After spending many years with Alibaba, we foresee a huge untapped market here in Southeast Asia for us to realize our vision of combining China’s advance e-commerce ecosystem and experience with the connectivity of the three major social platforms, namely WhatsApp, Facebook and Instagram to the youthful consumer markets in this region,” said Dong. Dong said Fingo chose Malaysia as its base due to its political stability, excellent infrastructures and business environment together with a high adoption of digital technologies such as social media and online e-commerce marketplaces. The excellent ecosystem makes this an ideal platform for Fingo to unleash this new e-commerce experience designed for consumers in the Southeast Asian markets. Lee Chee Sing said, “We are confident that Malaysia is a right choice for us as from our studies, out of a total population of more than 32 million, Malaysia has approximately 25.08 million active Internet users, or about 79% out of the total population. Interestingly, around 24 million people are considered as active social media users, and 22 million of them are regular users of social media on their mobile devices. This high mobile penetration rate translates into a huge market opportunity for online-based commerce and business transactions.” Fingo is very proud to be able to play a role in the development of SMEs in Malaysia through their e-commerce platform. They are looking forward to the participation of all local SMEs which are interested to start their digitization journey.
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