MoneyMax Financial Services Ltd has launched Singapore’s first online LIVE B2B auction platform for luxury goods—SG e-Auction, together with Japan’s leading B2B internet auction company, Aucnet Inc. Being Singapore’s first-of-its-kind platform for the sale of luxury branded merchandise, gold and diamond goods, this is set to revolutionise the present trading environment between buyers and sellers by connecting them efficiently through an online auction platform.

Specifically, SG e-Auction allows buyers and sellers to conduct cross-border trades in a fair, transparent, efficient and cost-effective manner. Via the B2B online auction site, users can now easily consign their products for sale or bid for products through a live bidding process without having to be physically present at an auction location. Through unified, reliable inspection and evaluation services provided by SG e-Auction, users are assured of the products’ quality and authenticity. Users will also have access to information on the traded items, including photos and details about the items. In addition, the transaction details of buyers and sellers are kept confidential to offer maximum anonymity to all participating members. Should users seeking to bid for items be unavailable to do so during the time of the live auction, they may still participate by placing their bidding offers during the pre-bidding process which is offered three days before the scheduled auction.

Building on Aucnet’s proven business model, extensive operational know-how of luxury merchandise auctions and experience in the B2B online auction industry, as well as MoneyMax’s strong and established networks in the regional distribution market, SG e-Auction leverages on the expertise of both companies to bring about an experience unique for users in the ASEAN market.

Commenting on the inaugural launch, Dato’ Sri Dr. Lim Yong Guan, Executive Chairman and Chief Executive Officer of MoneyMax, commented, “We are excited about the new opportunities brought by the launch of this new online platform. Specifically, 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.

I’m happy to share that currently we have members from Singapore, Malaysia, Vietnam, Hong Kong, Japan and the US. With the eventual link up of SG e-Auction and Aucnet online platforms in the future, buyers will have access to a greater variety of luxury goods while sellers will gain a wider pool of ready customers. This initiative will certainly bring new business opportunities and spur the vibrancy of the preowned luxury retail market in the region.”