Salt Tech, Fado Go ink MoU to enable cross-border e-commerce via blockchain

by NURUL SUHAIDI / pic credit:

SALT Tech Solutions Sdn Bhd, a local digital marketing company, has signed a memorandum of understanding (MoU) with Fado Go, an e-commerce platform that embraces blockchain technology, to enable customers and merchants to do cross-border trade activity.

The collaboration will allow both companies to do technology and knowledge transfer, as well as enhance the buying and selling opportunities for Malaysia merchants via business-to-consumer-to-business merchants.

Fado Go’s CEO Thuy Pham said international trade allows companies to expand their market opportunities.

“It also allows the production cost to be more competitive which results in consumers enjoying products at cheaper price points,” she said during the virtual signing yesterday.

Salt Tech CEO Nhu Nguyen stated luxury brands offered on e-commerce platforms in Malaysia have increased especially luxury fashion, leather goods, prestige cosmetics and fragrances.

“In Vietnam, the revenue from the luxury goods market amounted to US$912 million (RM3.84 billion) in 2021 and the market is expected to grow annually by 3.32% (CAGR 2022-2027),” she said.

Through this collaboration, customers can have a wider range of stock keeping units items from Malaysia, Vietnam, Cambodia and Group of Seven markets such as Canada, Germany, Italy, Japan, the UK and US and buy luxury goods anytime at best price points.

“For the merchants, it can enhance their export and import activities and push their brand to go more global,” Nguyen said.

Fado Go will connect its blockchain based platform to facilitate cross-border shopping by connecting consumers to brands, key opinion leaders and logistics providers on its decentralised network.

Fado Go will also provide transportation solutions through its ecosystem and simplify the process of buying and selling goods between Malaysia and Vietnam.

It also will involve, NFT and NFT market development for selected physical products, such as limited-edition fashion products.

The MoU enhances Salt Tech existing merchants to advance their business success through the company’s digital marketing and smart solutions offerings and benefit from the Fodo Go ecosystem.

Malaysia Digital Economy Corp senior manager Prasad Babu Ramalu said this collaboration is in line with the National E-Commerce Strategic Roadmap (2021-2025) to enhance and accelerate Malaysia’s e-commerce industry’s growth and innovation.

“This will develop the capabilities of local businesses in order to enable growth through digital means and strengthen their agility against future challenges,” he said.