Paramount corporate strategy and investment head Tracy Gan said the company’s investment in Commerce.Asia was timely given its end-to-end ecosystem, track record, and business model which has almost doubled in revenue since 2020 and turned profitable in 2021.
KUALA LUMPUR: Paramount Corp Bhd has invested RM10 million in Commerce DotAsia Ventures Sdn Bhd (Commerce.Asia).
Commerce.Asia is an all-in-one e-commerce ecosystem that provides one stop, end-to-end e-commerce solutions for brands, businesses, and small and medium enterprises (SMEs) in Southeast Asia.
Paramount said the investment was made through its wholly-owned investment vehicle Magna Intelligent Sdn Bhd (Magna) and Magna’s 30 per cent-owned associated company, Omegaxis Sdn Bhd, which owns Fundaztic.
“This is in line with Paramount’s five-year (2020-2024) strategic plan to identify new sources of earnings, particularly in the digital space.
“Paramount is also the lead applicant of a consortium applying to Bank Negara for a digital banking licence,” the company said in a statement today.
It said the pandemic had shifted consumer behaviour and accelerated e-commerce adoption worldwide over the past two years.
As such, the company’s investment in Commerce.Asia was timely given its end-to-end ecosystem, track record, and business model which has almost doubled in revenue since 2020 and turned profitable in 2021, said Paramount corporate strategy and investment head Tracy Gan.
Commerce.Asia manages all aspects of customers’ online businesses, from developing their online stores to managing product sales across multiple e-marketplaces, including warehousing, payment, delivery, marketing, and order management.
The company currently has over 92,000 active sellers who use its various platforms, with a group gross merchandise volume (GMV) of RM6.7 billion last year.
“The convergence of two fast emerging trends – fintech and e-commerce – serves as the platform for Fundaztic to provide financing to Commerce.Asia’s network of merchants utilising advanced data analytics and insights,” said Gan, adding that it also deepens and broadens the merchant ecosystem available to the Paramount Group.
Fundaztic is one of the first peer-to-peer (P2P) financing platforms in Malaysia licenced by the Securities Commission.
It has disbursed close to RM150 million, supporting more than 2,350 micro to small and medium enterprises since 2017.
As published: New Straits Times