Intel Capital invests in Reebonz Singapore and Vietnam Communication Corporation to strengthen foothold in Southeast Asia.
Earlier yesterday, Intel Capital announced its investment of two companies: Reebonz Singapore and Vietnam Communication Corporation. A total of US$17 million were invested into both companies. The exact figures of both investments are not revealed.
Reebonz is an e-commerce company which lists luxury goods across Asia for sale. Vietnam Communications Corporation on the other hand, operates as an information technology and electronic communications company, with several online products such as a search engine, a classified listing platform, a flash-game hub, and a karaoke Website in Vietnam under its portfolio.
With the infusion of the foreign fund into both Singapore and Vietnam, Intel Capital is definitely getting aggressive in setting its foothold in Southeast Asia. “Southeast Asia is one of the world’s fastest-growing markets for high technology, driven by robust economic growth and a rising middle class. As a result, we’re seeing strong demand for e-commerce and cloud-based services across the region and these investments will help to accelerate that trend,” said Gregory Bryant, vice-president and general manager of Intel Asia-Pacific.
The e-commerce industry of Vietnam is expected to generate an income of $6 Billion by 2015, and in Singapore, mobile commerce grew at an exploding rate of 660 percent from 2010 to 2011, according to the latest PayPal study.