Mobile communications provider Ooredoo is partnering with Internet incubator Rocket Internet to develop e-commerce and other digital services in Asia.
Ooredoo and Rocket Internet will become equal partners in Asia Internet Holding, a joint venture that will create and develop online businesses in the region, the company announced on Wednesday.
According to its media statement, there is a growing trend for e-commerce in Asia as seen by the increasing disposable income and Internet penetration. In fact, the communications company stated that Asian consumer spending in e-commerce is expected to hit $525 billion – half of the global total – this year. Ooredoo and Rocket intend to tap into this trend through the partnership.
“A fundamental shift is happening across our markets, as more people buy goods and services online through their mobile phones. This is even more evident in our Asian footprint,” said Nasser Marafih, CEO of Ooredoo Group. “We believe that offering e-commerce services will further support our ambition of enriching people’s lives.”
Asia Internet Holding will cover 15 markets across Asia including Pakistan, Myanmar, Thailand, Malaysia, Singapore, Indonesia, Vietnam, the Philippines and Australia; with ventures ranging from online retail and marketplaces to payment services.
This investment is still pending approval from the regulatory authorities in the countries where the service will be provided, and is expected to be concluded in the second quarter of this year.
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