Alibaba, one of the world’s largest eCommerce business, signs agreement with the My Rewards Group

My Rewards International Limited (ASX: MRI) (the "Company") is pleased to announce that, through a subsidiary, it has been engaged by Alibaba.com Singapore E-Commerce Private Limited (Alibaba) to assist in sourcing Australian brands and products that can be offered for sale through Tmall - Alibaba’s B2C e-commerce platform in China.

The Alibaba agreement is with My Rewards eComm Pty Ltd (My Rewards eComm). My Rewards eComm is 60% owned by My Rewards with 40% owned by an Australian private company specialising in e-commerce in Asia.

My Rewards will leverage its more than 4,500 suppliers and technology platform to ensure an ongoing supply of Australian brands and products for Tmall to offer to their customer base across China.

This new income stream will see My Rewards grow revenue from international markets and address one of its key pillars of growth by increasing transactional revenue with higher margins. The Company plans to integrate its e-commerce platform with the Tmall logistics system to facilitate seamless uploading and management of these products.

"My Rewards is thrilled to be selected by Alibaba to be one of the companies they use to source Australian brands and products for their B2C business – Tmall."

David Vinson, Executive Chairman of My Rewards

The non-exclusive agreement provides the framework under which My Rewards will source suitable products from its supplier network and facilitate the logistics of delivery to Tmall’s Australian warehouses. The agreement is for an initial one-year term with the ability to automatically roll for successive one-year terms, and includes usual termination provisions.

Operations under the agreement are expected to commence this month, with a range of products from a select group of Australian brands!

Given the early stage of the opportunity, My Rewards is unable to determine revenues expected to flow from this initiative, however, the addition of this significant channel to the Chinese market is expected to deliver strong financial benefits to all parties involved.

My Rewards is also pleased to announce the signing of a Referral Agreement with Tiger Brokers (AU) Pty Ltd (TBAU) whereby TBAU has granted My Rewards the non-exclusive right to refer clients from Australia and select overseas markets to TBAU for a referral fee. The signing of this agreement now expands the Financial Service offering of My Rewards to their ever-expanding client base.

David Vinson, Executive Chairman of My Rewards commented:

“Tmall has established itself as a leading business to consumer e-commerce site in China, with consumer interest in Australian products continuing to grow. My Rewards’ reach and strong established relationships with our 4,500 suppliers forms a powerful source of new products and a great opportunity for Australian products to access the enormous Chinese consumer market.”  

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Read the full announcement here.

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