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Local Online Cashback Platform to Expand to Asia Pacific

Local Online Cashback Platform to Expand to Asia Pacific
© Shopback Malaysia

Running away from the hard work of internationalisation has never been an option for local start-up ShopBack.

Its chief executive and co-founder Henry Chan said yesterday that the company's long-term survival rests on its ability and willingness to chance its arm overseas.

"In today's digital economy, geographical boundaries have become less meaningful, which means it is difficult to stay put in just one market if we want to grow," he said. "So right from the beginning, we knew we had to think about growing beyond the Singapore shore, and that we have to do that quickly. This is very important for us in order to stay competitive."

The online cashback platform embarked overseas in February 2015, not long after it was set up in September 2014. Malaysia was its first overseas market, followed by the Philippines in June that same year. Early last year, ShopBack made its move into India, and then Indonesia and Taiwan.

Geographical boundaries are less meaningful in today's digital economy, said ShopBack CEO Mr Chan. Image: The Straits Times
Geographical boundaries are less meaningful in today's digital economy, said ShopBack CEO Mr Chan. Image: The Straits Times

 

The online platform generates over $22 million in monthly sales - of which 70 per cent comes from outside of Singapore, noted Mr Chan. It offers consumers cash back for their online shopping while directing shoppers to merchants through its site.

The company, which employs about 100 people across the region, is looking at opening in Thailand this year.

Still, challenges remain, including recruiting qualified staff, said Mr Chan. "The key thing is to find talent with strong culture fit. People with hunger to grow at a breakneck pace, together with the company. With the right talent, we can then scale further and deeper across South-east Asia and Asia-Pacific," he said.


Source : The Straits Times

Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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