LONDON: Coinsilium Group Limited announced that its joint venture company with IOV Labs Ltd in Singapore (IOV Asia) has signed a Memorandum of Understanding (‘MoU’) with Vietnam-based RedFOX Labs Joint Stock Company to build fast scaling internet businesses on and for the RSK Blockchain in the Southeast Asian region.
On 8 July 2020, Coinsilium announced the execution of a Joint Venture agreement with IOV to establish a 50/50 Joint Venture Company in Singapore, IOV Asia, to promote and commercialise RSK’s products, services and technologies in the Asian markets. Eddy Travia, Coinsilium’s Chief Executive, has also been appointed as director of IOV Asia. The MoU with RedFOX represents IOV Asia’s first commercial and technical agreement.
RedFOX is a blockchain venture builder based in Vietnam, that identifies and replicates successful pure play business models with a focus on the Southeast Asian markets. RedFOX works to build, launch and scale high growth ventures in Southeast Asia. Its focus is to unlock the true market potential of the digital economy for high consumer demand services such as e-commerce, e-media, e-travel and e-sports/gaming.
The MoU is expected to lead to formal commercial and technical agreements whereby RedFOX will migrate its applications to the RSK blockchain and become a hub for RSK blockchain technology expertise in Vietnam under the IOV Asia JV umbrella.
This will also enable IOV Asia to showcase the attributes and benefits of RSK technology to potential clients in the region.
Under the terms of the MoU, IOV Asia will assist RedFOX with technical integration, technical training and joint marketing efforts in the region. In addition to making its applications compatible with RSK technology and migrating those onto the RSK blockchain, RedFOX also aims to become a hub to educate, promote and commercialise RSK and RSK Infrastructure Framework (RIF) solutions in Vietnam.
Coinsilium Chief Executive Eddy Travia commented: “We are excited to be able to announce our first agreement under the banner of IOV Asia, and a new partner in Southeast Asia. RedFOX brings its know-how and expertise in hyper-growth digital applications with a team led by Ben Fairbank, a former C-Level executive for global brands such as Virgin, Ooredoo and Grab. Ben has significant experience in building and growing businesses in fast growing markets.
Through IOV Asia, we look forward to working with the whole RedFOX team and we are confident this agreement is the first step of a win-win relationship between RedFOX, IOV and Coinsilium which will provide us with an effective springboard into the Vietnamese market.
Vietnam is one of the fastest growing markets in e-commerce among Southeast Asian nations with a 49% compounded annual growth rate in e-commerce gross merchandise value between 2015 and 2019, increasing from $0.4Bn in 2015 to $23Bn in 2019. We also see this partnership as a perfect fit for Coinsilium’s new DeFi and Crypto Finance strategy as RedFOX has the skills and network to deploy RSK-powered Open Finance solutions in the region, which has the potential to accelerate the commercial development of IOV Asia.”
Ben Fairbank, CEO, and Co-founder of RedFOX Labs commented “As a venture builder focused on high growth ventures in the emerging Southeast Asian emerging markets, the ability to move with speed is imperative. We are thrilled to announce the collaboration with IOV Asia to build together fast scaling internet businesses on and for the RSK blockchain.
As a result of the agreement, RedFOX Labs will be able to scale faster, have access to some amazing technology and tools, and to deploy more pure-play businesses focusing on the fastest growing sectors of the digital economy.
Due to the unprecedented growth in the region, the requirement for the companies we build is beyond our capacity alone, therefore this collaboration allows both parties to capitalise on the opportunities in front of us. The experience of both teams, the regional knowledge, and tech resources combine to form a formidable union.”
IOV Labs Chief Executive Diego Gutierrez Zaldivar commented: “Southeast Asia is one of the regions in the world where we expect blockchain technologies to make a significant, positive impact. We are very excited about the partnership with REDFOX Labs as it will enable to boost the RSK Blockchain and RSK Infrastructure Framework (RIF) ecosystem in the region, accelerating adoption of the technology in Vietnam, a key market within this region”.
Coinsilium is a focused Blockchain, DeFi and Crypto Finance venture operator. As the first ever IPO of a blockchain company in 2015, Coinsilium has harnessed its experience and wide-ranging network to invest in leading blockchain projects such as RSK/IOV Labs, Indorse and Blox.
RedFOX is a blockchain venture builder based in Vietnam, that identifies and replicates successful pure play business models for the Southeast Asian markets. RedFOX works to build, launch and scale high growth ventures in Southeast Asia. Its focus is to unlock the true market potential of the digital economy for high consumer demand services such as e-commerce, e-media, e-travel and e-sports/gaming. RedFOX builds companies that promote Access, Adoption and Application for the Internet Economy.
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