[Singapore – 11 Jan 2018] Singapore-based MegaX introduces first-of-its-kind global millennial online mall having raised USD2.5M from a token sale concluded on 16 November 2017.
MegaX, a partnership between iFashion Group and MC Payment, has launched an online mall (Megaxstore.com) targeted at millennials. Having been in the retail industry since 2009, the mall has served over 1 million customers worldwide. The mall will provide visitors with access to over 1,500 global brands and 80,000 products, featuring items such as the Google Pixel 2, the Oculus Rift Touch VR System, iPhone X and even adrenaline-pumping toys like the hydro jet that allows you to hover above the sea. The online mall will also include exclusive concierge service which aims to provide shoppers looking for a getaway with unique holiday experiences. Expect packages such as exotic stays in Irish castles, silver mines, airplane fuselages and even ice hotels.
The ability to transact using MGX coins and other cryptocurrencies will provide crypto-savvy millennials with the opportunity to experience a new retail phenomenon in the future of cashless society. MegaX envisions and has been working towards a future where ultimately MGX, the native currency, will be the cryptocurrency of choice for millennials to earn, spend and transact. A fresh and emerging retail network, MegaX will pave the way for emerging retailers to engage with millennials.
Bitcoin Cash (BCH) is an example of an evolved cryptocurrency that is ready for real-world use and is able to cater to retailers’ needs such as having faster transactions and lower fees. “By only accepting MGX and BCH instead of fiat for payments, we are determined to bring about the real-world adoption of cryptocurrencies,’ said Jeremy Khoo, Group CEO, iFashion Group. “Despite a market cap of 728 billion USD in cryptocurrencies right now, most retailers do not accept them as a form of payment. Retailers looking to resonate with the new generation of consumers should be fearlessly agile and open to adopting new payment forms. Cryptocurrencies have seen unprecedented growth in 2017 and we believe that growth will continue.”
Megaxstore.com is piloting a rollout by accepting Bitcoin Cash. MegaX aims to help new-age retailers and cryptocurrencies reach out to a large addressable market, the millennials. A 2016 Accenture report states that within Asia alone, millennials are expected to collectively constitute USD 6 trillion in disposable income by 2020. According to a CBRE survey, 30% of this income is spent on leisure activities such as shopping and eating out.
MGX as a cryptocurrency revolves around the millennial movement and aims to create a retail revolution by better engaging with these segment of customers and being their currency of choice. The retail companies behind MegaX have served more than 10 million customers and will use an omnichannel approach in spurring real-world adoption of MGX. Token holders can also expect to pay with MGX at multiple native offline events such as the next installation of Artbox Singapore – a creative market concept popularised in Thailand, which attracted over 600,000 attendees and totaled 30 million USD in transaction volume during its inaugural Singapore outing over 2 weekends in April 2017.
About iFashion Group
iFashion is a leading venture conglomerate company focused on investing and acquiring fashion and lifestyle e-commerce ventures based in Southeast Asia. To create synergy among businesses, the Group aggregates highly complementary businesses via mergers and acquisitions in its sectors of interest. The Group acquired, most notably, local O2O brands Dressabelle and Megafash, in the lead up to an IPO.
About MC Payment
Founded in Singapore in 2005, MC Payment is a leading innovative fintech company that has a strong regional presence with end-to-end value-chain of commerce transactions, ranging from suppliers and merchants to consumer payments. Its technology entails both retail to online payments, mobile to Distributed Ledger Technology. MC Payment has become the bridge that facilitates commercial transactions across the region, with payment acceptance ranging from credit and debit, to locally preferred alternative payments, while serving regional merchants and financial institutions alike.
Megaxstore is a multi-label online mall dedicated to inspire and motivate customers with creative goods found around the world. Megaxstore now operates over 7 stores across Asia, offering experiential retail spaces and a well-curated mix of tech products, hotel stays, homeware, food items, stationery, novelty goods, travel essentials, apparel for men, women, and children; as well as accessories.
Images courtesy of MegaX