Shoalter Technology, the technology arm of Hong Kong online shopping platform HKTVmall, has entered into a share subscription agreement and a shareholders’ agreement with Indonesian company Karya Hasta Dinamika. Karya Hasta Dinamika is also known as KALCare, and is an online shopping mall that focuses on eCommerce for healthcare and wellness products.
Through the agreement Karya Hasta Dinamika will issue minority shares to Shoalter for cash consideration with the aggregate consideration amounting to approximately US$ 5.0 million (equivalent to approximately HK$38.9 million). Shoalter also entered into an eCommerce solution agreement with Karya Hasta Dinamika to which Shoalter International will provide the software system as a service to Karya Hasta Dinamika for use in its existing online shopping platform KALCare.
The investment also provides a framework for future potential strategic business cooperation between Shoalter International and Karya Hasta Dinamika's parent company Kalbe Farma, in other South East Asia countries, Hong Kong, Macau and Taiwan for the health and wellness e-commerce market.
With the investment, Shoalter hopes to expand its eCommerce footprint to beyond the Hong Kong boundary and the mass consumer product market. It also hopes to build the first oversea showcase of Shoalter International’s eCommerce solution system in Southeast Asia. With the investment, it hopes to seize the opportunity of potential business expansion on healthcare and wellness sectors.
Most recently, AlipayHK inked a partnership with HKTVmall to ride out the Hong Kong government’s rollout of the e-voucher scheme. To celebrate its onboarding, AlipayHK allowed users to redeem exclusive vouchers for HKTVmall which allows customers to enjoy a 10% discount.
Earlier, HSBC also partnered HKTVmall, utilising commercial data to roll out a simpler and faster digital trade finance solution for SMEs. Both HSBC and HKTVmall are participants of the Commercial Data Interchange (CDI) project initiated by the Hong Kong Monetary Authority with the goal of enabling more efficient financial intermediation and enhancing financial inclusion in Hong Kong. Under the partnership arrangement, a new programme that makes it easier for merchants to get access to digital trade finance will be launched later this year.
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