Online Singapore Mall Qoo10 Disputes With Alibaba Using Blockchain Over QuuBe Marketplace
Online Singapore Mall Disputes With Alibaba Using Blockchain
Ku Young Bae is the founder of the largest mall in Singapore, called Qoo10. According to another news source, the online mall has been able to generate $15 million USD in monthly transaction volume. The platform is looking to expand into other countries, such as Australia, Thailand, the Philippines, and Vietnam.
Unsurprisingly though, Qoo10 also faces some tough competition from the largest e-commerce platforms in the world. One of Qoo10’s most significant competitors is Alibaba. To combat Alibaba, Qoo10 decided to tap into the power of blockchain technology by establishing a separate marketplace. The separate marketplace, called QuuBe, features underlying distributed ledger technology.
Young Bae discussed his efforts in a Bloomberg article. According to the article, Ky stated that Blockchain enables him to run the online marketplace in a cheaper manner. As a result, he can remove the fees he currently charges merchants who sell products on the website. The lower fees, in turn, may attract more sellers. In addition, Ky is working on creating a payment system using the technology. The payment system is poised to attract new shoppers in the region where cash is still the main form of currency. Young Bae also shared that so far, he has noticed a positive response. In three months’ time, 5,000 new merchants registered 2.3 million produce on QuuBe.
Another benefit of using distributed ledger technology, according to the article, is that it offers a more secure payment method, particularly in a region where there are shoppers who do not have access to financial services. Users can convert traditional funds to Q*coins, which are tokens that can be used without incurring extra fees. Young Bae shared that this provides merchants another method of generating profit. He also shared that “I want to show that we can prevail by using technologies, not by throwing money around.”