RHTLaw Taylor Wessing advised Moneymax Financial Services Ltd on joint venture with Aucnet Inc. to develop Singapore first online live B2B auction platform

RHTLaw Taylor Wessing advised Moneymax Financial Services Ltd on joint venture with Aucnet Inc. to develop Singapore first online live B2B auction platform

RHTLaw Taylor Wessing advised Moneymax Financial Services Ltd (“Moneymax”), listed on Singapore’s Catalist Board, on a new joint venture with Aucnet Inc., listed on the Tokyo Stock Exchange, to develop Singapore’s first online live B2B auction platform. 

 

The auction platform, allowing ASEAN based business buyers and sellers to make electronic bids for luxury branded merchandise, gold and diamond goods, will be owned and operated by a new company, Singapore e-Auction Pte Ltd of which Moneymax will own 51% and Aucnet will own the remaining 49%. The parties expect to launch the auction platform early next year. Headquartered in Singapore, the auction platform will bring together Aucnet’s extensive operational know-how and experience in the B2B online auction industry and Moneymax’s strong and established network in the ASEAN market.  

 

Deputy Head of Corporate Practice Kong Seh Ping led the transaction.