Fingo launches social e-commerce platform in Malaysia

KUALA LUMPUR, July 29 (Bernama)  -- Fingo (M) Sdn Bhd today launched Fingo, an innovative e-commerce platform that incorporates social e-commerce business models in Malaysia.

Fingo Malaysia chief executive officer (CEO) Lee Chee Sing said unlike other e-commerce platforms that depend on their applications to secure customers, Fingo leveraged on major social platforms namely WhatsApp, Facebook and Instagram to connect with the customers.

"We use Big Data technology to select suppliers and brand owners of products to socialise and interact with Fingo members.

“Based on members experience in using the products, members then can invite other people in their respective contact list to utilise the items by joining Fingo," he said in a press conference after the official launch of Fingo here, today.

Lee said Fingo customers will be able to deal directly with suppliers or brand owners without going through the middle man or resellers.

Fingo, which operates in three languages, namely Mandarin, English and Bahasa Melayu, has over 200,000 registered active shoppers in the country to-date, and it hopes to reach 500,000 shoppers by year-end.

Lee said the major products featured on the platform included cosmetics, household items, personal care products and soon, daily living products.

It also aims to be listed among the top three e-commerce platforms in Malaysia within three years.

On expansion, he said the company targeted to have a presence in Thailand, Vietnam and Indonesia in its next development phase by next year at the earliest, followed by the Philippines and Taiwan.

Meanwhile, International Trade and Industry deputy minister Dr Ong Kian Ming who officiated the launch of Fingo Malaysia mobile app today, said the participation of Fingo in the Malaysian e-commerce circuit was timely as it gives more variety of goods and services to online consumers nationwide.

"Besides, this is also an opportunity for Malaysian small and medium enterprises (SMEs) to promote and export their products to a wider customer base within ASEAN and Taiwan," he said.

Ong also quoted the e-Conomy SEA 2018 report by Google and Temasek which cited that Southeast Asia is also one of the fastest-growing Internet regions in the world. 

"This indicates that Malaysia and also the rest of Southeast Asia is well-positioned in offering massive opportunities in mobile e-commerce," he said, adding the ASEAN Internet economy was estimated to reach US$200 billion (US$1=RM4.11) by 2025.

Fingo is founded by a group of former top executives from China's e-commerce Alibaba Group, led by CEO Dong Fang who has 13 years of experience in various capacities and division within Alibaba Group.

-- BERNAMA