SG e-Auction bidding on demand for luxury goods

MoneyMax Financial Services has launched Singapore’s first online B2B auction platform for luxury goods, SG e-Auction, together with Japanese B2B internet auction company Aucnet Inc.

As well as luxury branded merchandise, the site will bring buyers and sellers together for auctions involving gold and diamond goods.

“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,” says MoneyMax executive chairman/CEO Dr Lim Yong Guan.

MoneyMax launches SG e-Auction (1)

He says the channel already has members from Singapore, Malaysia, Vietnam, Hong Kong, Japan and the US. “With the eventual link up of SG e-Auction and Aucnet online platforms, buyers will have access to a greater variety of luxury goods while sellers will gain a wider pool of ready customers.”

Listed since August 2013, MoneyMax is a pawnbroker, retailer and trader of pre-owned luxury items. Since its first outlet in 2008, the company has expanded to 68 outlets and has a presence in Singapore and Malaysia.

In February 2015, the group launched MoneyMax Online as Singapore’s first pawnbroking chain to offer a platform for shopping, selling and appraising valuables.

Established in 1985, Aucnet started as the world’s first provider of TV auctions of used cars, later developing its business to include used motorcycles, used digital products, flowers, used luxury items and used medical equipment.

Incorporated in September, SG e-Auction is Singapore’s first B2B online auction platform for luxury branded merchandise, gold and diamond goods. A JV between MoneyMax (51 per cent) and Aucnet, SG e-Auction aims to transform and simplify how businesses buy and sell.

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