NewsWrap brings you the latest today in Tech News from China and the world at large. Today we look at PayPal’s new center in Malaysia, 360Buy’s plans to pass Tmall, Lashou’s shift to B2C, Shanda games considering Europe, and the new fund GREE Ventures.
PayPal Global Operation Expands to Malaysia
On November 1st, PayPal opened its first global operations center in Malaysia. This center will help provide risk and financial services by working with the regional headquarters in Singapore and Shanghai. According to Paypal’s Senior VP for Asia Pacific, Rupert Keeley, they chose Malaysia because of accommodative policies, multilingual workers, and the rapid development of e-commerce and technologies in the country.
360Buy Expects to Surpass Tmall before 2016
Liu Qiang-dong, CEO of 360Buy, says that the B2C platform will reach 10 billion RMB (USD$1.57 billion) in sold items in 2012. He also claims that the site can pass its rival Tmall.com before 2016. His reasoning is that 360buy has a growth rate that is three times faster than that of Tmall.
Lashou Shifting to B2C Business Model?
According to Marbridge Daily, Lashou has begun corporate restructuring and is shifting its business model to a lifestyle-focused e-commerce platform. Their website will be redesigned to look like Taobao Mall and 360Buy. Because Lashou in the midst of its quiet period, due to its coming IPO, they have declined to discuss their new model.
Shanda Games Considers Operations in Europe
Shanda Games plans to set up an operation unit in Europe in the coming years. The company wants to boost overseas revenue from currently 5% to 20% in the next three years.
GREE: Investing in Southeast Asia
Last week GREE announced that it will begin investing in Southeast and East Asia through a new subsidiary, GREE Ventures. It is a 2 billion yen fund and half of that will be focused on the Indonesian start-up scene.