Netccentric has entered into a joint venture agreement with Commerce DotAsia Ventures and Docono Holdings to operate a live streaming e-commerce business platform. The shareholding structure of Nuffnang Live Commerce will comprise NCL owning a 40% equity interest, with Commerce.Asia and Docono each having 30%. Under the agreement, a new company called Nuffnang Live Commerce will be established to spearhead the NCL Group’s foray into live commerce through the Bid Go Live! platform developed by Docono, while leveraging on Commerce.Asia’s e-commerce enabling ecosystem as well as NCL’s brand and influencer reach.
As part of the agreement, co-founder of Docono, Daniel Wong will be assuming the role of chief technology officer at NCL where he will be spearheading the technology development and automation initiatives of the Group. The name Nuffnang stems from NCL’s wholly-owned subsidiary Nuffnang, which is an established ‘influencer’ and content marketing company in Malaysia and throughout Southeast Asia. Today, it has one of the largest influencer community reach in Malaysia and has one of the most comprehensive networks of some 13,000 celebrities, personalities and content creators across all levels of society and diversity with a collective reach to more than 20 million consumers in Malaysia, Singapore and Taiwan.
This platform solution is API integrated with Facebook to provide seamless user interface from live streaming, automated order management, online payment and fulfilment. It will also be employing artificial intelligent-based technologies to ensure automation for end-users to order and purchase.
NCL majority shareholder and director Ganesh Kumar Bangah said that the group’s new direction represents a ‘strategic expansion’ towards a platform-based strategy that is able to capitalise on the growth of the global social influencer and social commerce industry.
“With this platform strategy, we aim to connect multiple groups – including merchants, influencers and consumers – to create positive network effects,” said Bangah. “The beauty about this joint venture is that Nuffnang Live Commerce is set to bring forth strongly the strengths of all three shareholders into a single entity set to capitalise on a fast-growing trend in e-commerce.”
NCL and Commerce.Asia will collectively invest MYR350,000 to form Nuffnang Live Commerce at an issue price of MYR1.00 per share. Following that development, Nuffnang Live Commerce will then acquire the intellectual property rights of the BGL platform for MYR150,000, which will be satisfied through the issuance of 150,000 shares issued at MYR1.00 per share. The formation of Nuffnang Live Commerce is a related-party arrangement as Bangah is also majority shareholder and chairman of Commerce.Asia, an end-to-end e-commerce ecosystem which enables brands and businesses to sell online. Meanwhile, Docono is a technology developer for the BGL platform which enables the automation of live streaming sessions on popular platforms such as Facebook for e-commerce transactions. Bangah added that, although the field of live commerce is still in its infancy, there stands to be tremendous growth in the years ahead.
“Live commerce represents the fusion of e-commerce and live-streaming which centres around influencers showcasing and promoting products and services to viewers,” said Bangah.
“We expect this industry to soar in the years ahead [...] Integrating our influencer, content and e-commerce know-hows, we will be providing end-to-end live video commerce solutions from live video production to payment and product fulfilment,” said Bangah.
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