MyWeb Acquires Asian Auction Site

MyWeb said it has acquired a
majority interest in one of Asia’s pioneer online auction companies,
Singapore-based Easy2bid Pte Ltd. Financial terms were not

As a result of the deal, Easy2bid will gain access to MyWeb’s payment and
collection infrastructure. This will make purchasing all types of products
and services via online auctions in China safer by eliminating most fraud,
the company said.

MyWeb facilitates Internet usage through television set-top boxes. MyWeb
operates a TV portal in China and says it is the country’s eighth most
visited Web site and China’s fastest growing Web portal overall.

Easy2bid allows online buyers to bid for thousands of products in categories
such as antiques; books, movies and music; cameras and electronics; cars,
vehicles, parts; and coins and stamps; among others. MyWeb said it will
translate into Chinese to be accessed in China.

“With our growing e-commerce expertise in Asia and particularly in China,
Easy2bid becomes a natural extension of our business,” said Danny Toe,
president and chief operating officer of MyWeb

“Since payment and
collection serve as the major obstacles to the growth of e-commerce in China,
we believe our experience and solutions to these problems are a natural fit
for bringing Easy2bid into China.”

MyWeb’s e-commerce capability includes delivery and cash on delivery
services. Last November, MyWeb announced an e-commerce alliance with the
Beijing YinJian Company, one of China’s largest taxi operators, to provide
delivery services for MyWeb’s e-commerce service.

MyWeb is headquartered in San Francisco, with operational and representative
offices in Singapore, Malaysia and China. T.S. Wong, the company’s CEO,
maintains his principal office in Kuala Lumpur.

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