ITOCHU announces the formation of a capital and commercial partnership with iPrice, operator of the largest price comparison site in Southeast Asia

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ITOCHU Corporation (Headquarters in Minato-ku, Tokyo; Keita Ishii, President and Chief Operating Officer; hereinafter “ITOCHU”) announced today that ITOCHU has entered into an equity and business partnership with iPrice Group Sdn. Bhd. (headquarters in Kuala Lumpur, Malaysia; Paul Brown-Kenyon, CEO; David Chmelař, co-founder; Heinrich Wendel, co-founder; hereafter “iPrice”), a start-up company that operates the largest website in Southeast Asia price comparison.

The e-commerce (hereafter “EC”) market has grown significantly in Southeast Asia in recent years and is expected to continue to grow in the future with increased competition among EU operators. In this environment, there will likely be continued needs among people in Southeast Asia considering online shopping and comparing products and prices cross-industry on comparison websites without going through many different EC sites. .
Additionally, the percentage of credit card payments is low at EC sites in Southeast Asia, while the use of deferred settlement is growing rapidly with an average annual growth rate of 25%. As a result, comparison websites are required to improve checkout features to ensure a seamless shopping experience for users.

iPrice operates the largest price comparison website in 7 countries and regions in Southeast Asia, such as Indonesia, Malaysia, Singapore, Philippines, Vietnam, Thailand and Hong Kong. iPrice has established itself as a leading company in Southeast Asia, as its comparison site offers access to information on more than 7 billion products offered by more than 8 million participating partners. It instantly and automatically displays the optimal products using the company’s proprietary machine learning algorithm. More recently, iPrice has enhanced checkout functions in its comparison website through cooperation with financial institutions, etc. in Southeast Asian countries to improve customer satisfaction and to expand and improve services in response to the needs of commercial operators in the EC.

ITOCHU has entered into a settlement functions partnership agreement between iPrice and PT. ITC Auto Multi Finance (hereinafter “IAMF”), a wholly owned subsidiary of ITOCHU which provides deferred payment services to mobile phone buyers in Indonesia. By using IAMF’s unique credit-granting features and implementing deferred settlement features specifically for mobile phone terminals, popular products on price comparison sites, ITOCHU aims to improve the customer experience. users’ purchase on the price comparison site thanks to the capital and commercial partnership with iPrice.

ITOCHU transforms the company through its “market-in” approach, which is a basic policy included in its medium-term management plan, and this effort is in line with this policy. ITOCHU will continue its efforts to develop new business in the fields of mobile technology in response to the needs of customers in Southeast Asian countries.

iPrice Group Sdn. Bhd.

iPrice price comparison site

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