SK Planet’s open market “11st” launched into Malaysia, making it as its third foreign market after Turkey and Indonesia. Malaysia has a great potential to expand its e-commerce market since its economy grows fast and the Internet uptake rate is high.
SK Planet held a ceremony in Kuala Lumpur in Malaysia on April 24 to celebrate the opening of the open market 11st there and showed off a variety of mobile applications.
In October 2014, SK Planet established a joint venture Celcom Planet with Malaysia’s No. 1 mobile carrier Celcom. Over the past six months, they have prepared for the launch of the 11st service in Malaysia.
An SK Planet official said, “Chances are high that Malaysia’s e-commerce market will grow at a rapid pace since the nation has a high annual economic growth rate of 6-7 percent with the Internet and smartphones being widely used. Against this backdrop, an increasing number of global companies, including Japan’s Rakuten and Germany’s Rocket Internet are making forays into Malaysia’s open market.”