IGL Coatings inks alliance with Commerce.Asia to drive regional e-commerce expansion

• Targets Shopee & Lazada, e-commerce platforms with combined 69% market share
• Partnership forged via participation in Soonicorns Collective by Proficeo & Penjana Kapital

Ominent Sdn Bhd, an automotive detailing solutions provider under its flagship brand IGL Coatings, has begun a new chapter with a partnership with CommerceDotAsia Ventures Sdn Bhd (Commerce.Asia), a leading enabler of Malaysia’s e-commerce ecosystem.

In a joint statement, the parties declared that this partnership is poised to elevate IGL Coatings’ online presence, setting the stage for growth in 2024 and beyond. They emphasised that the collaboration focuses on leveraging the potential of Shopee and Lazada, the predominant e-commerce platforms in Malaysia, which command a combined 69% of the nation’s market share.

IGL’s founder, Keong Chun Chieh, stated that the e-commerce user base is forecasted to surge from 9.6 million in 2023 to 11 million by 2025, positioning this partnership to capitalise on the burgeoning digital marketplace in Malaysia and Southeast Asia. According to Statista, Malaysia’s e-commerce market is projected to increase between 2024 and 2029 by 6.3 million users (+46.09%), reaching an estimated peak of 19.98 million users in 2029. “Hence, this partnership is timely with the high growth we’ve been experiencing.”

IGL Coatings was recognised by the Financial Times in 2023 and 2024 as one of only two high-growth manufacturing Malaysian companies in the Asia-Pacific region. “By harnessing Commerce.Asia’s expertise as an all-in-one e-commerce ecosystem, we are poised to scale operations by at least three times and to cater to the evolving needs of our customers. We look forward to embarking on this journey together,” said Keong.

Kuna Kathigesan, CEO of Commerce.Asia highlighted the potential of Southeast Asian markets: “The allure of Southeast Asia’s burgeoning e-commerce landscape cannot be understated – we see opportunities for  growth and innovation.”

Commerce.Asia enables local businesses to broaden their reach and enhance their market share within the regional market. Its comprehensive ecosystem has been designed to empower entrepreneurs and business owners by offering tools and services crucial for navigating the complexities of the digital marketplace.

“From facilitating seamless integration of digital operations like e-commerce functionalities, payment processing, and logistics solutions, Commerce.Asia paves the way for businesses to thrive while also broadening business opportunities beyond local borders,” Kuna said.

The group also offers live streaming and short video production tools as part of its social commerce initiative via Xamble Live to enhance interactive customer engagement.

“Our platform provides precise data analytics for strategic decision-making, helping businesses adapt their products and marketing to regional needs efficiently. Additionally, our webstore capabilities are crucial, as we focus on building and scaling sales on webstores in addition to marketplaces,” added Kuna.

The holistic approach of Commerce.Asia not only eases the digital transition for businesses but also ensures their sustained growth and a strong regional footprint. Presently serving four countries, the group is set to expand its services to the three other countries in Southeast Asia, further broadening its impact and support for regional businesses.

Forging soon to be unicorns in the Malaysian ecosystem

This partnership was forged through the participation of Keong and Kuna in the Soonicorns Collective facilitated by Proficeo and Penjana Kapital, a community platform for Malaysia’s best CEOs to leverage their knowledge, networks, and experience to build better leaders, companies, and ecosystems, where Keong and Kuna first crossed paths, sharing a vision of innovation and disruption in their respective industries.

Dr. Sivapalan Vivekarajah (pic), co-founder of Proficeo and chairman of the Collective, praised the collaboration. “The partnership between IGL Coatings and Commerce.Asia exemplifies the spirit of innovation and collaboration that drives Malaysia’s entrepreneurial ecosystem. By harnessing their respective strengths, they are poised to make significant strides in the e-commerce space, setting a new standard for industry excellence. This is the vision of the Soonicorn Collective, where the best Malaysian startups work together to build better, stronger companies to drive the Malaysian economy forward.”