KUALA LUMPUR: Consumers will soon be able to buy physical gold in fractions, via a mobile gold retail platform at international gold spot price plus a one per cent fee.
MNC Wireless Bhd has inked a memorandum of understanding (MoU) with Urban Setup Sdn Bhd to bring the platform to the masses.
The e-commerce retail platform, slated to be launched by end 2019, allows consumers to buy physical gold via the mobile application with a minimum fraction value of one sen.
MNC executive director Christopher Tan Chor How said the platform will enable gold bullion purchase to be accessible to the masses. This allows investors to buy, sell or redeem and have them delivered to desired location, thereby giving end to-end solution.
"Gold that is already out in the market is marked up in prices. This platform enables users to accummulate physical gold at a really more competitive price.
"This form of savings is transparent, secured and convenient," he said at the MoU signing ceremony.
Tan said the gold bullion trading industry size in Malaysia was RM10.7 billion in 2017, estimated to be RM12.4 billion in 2018 and RM15.8 billion in 2019.
The forecast was at a staggering RM25.6 billion in 2021, according to the Federation of Goldsmiths and Jewellers Association of Malaysia, he added.
"These encouraging exponential growth of trading volume would provide a strong demand for our gold e-commerce platform,” he said.
Urban director Datuk Azrulnizam believes in the prospect of ecommerce for physical gold via a financial technology platform that promotes overall positive economy imprint.
“We believe our inexpensive and competitive pricing structure will benefit the ‘rakyat’ for the simple fact that purchase price is based on international gold spot live prices without worrying about procuring counterfeit as the platform only receives bullion directly from internationally established bullion refiners,” he said.
MNC is a specialised digital technology solution provider, listed on ACE Market of Bursa Malaysia.
It is involved in the development of information communication technology solutions, mobile application, social media applications development and management, mobile messaging platform and mobile billing platform.