Singapore-based internet service provider Pacific Internet has created a new e-commerce division to concentrate on developing and providing content and e-commerce services to consumers and businesses in Asia. Pacfusion.com will be the ‘AOL-plus’ of the region, said Nicholas Lee, Pacific Internet’s chief executive officer. The new division will be the centerpiece of the company’s drive to diversify from internet access services into content, online communities, e-commerce, internet telephony and broadband services, he said.
The new operation plans to launch an Asian portal site combining Net access,
online search capability and web-based services. As well as building the new suite of services to expand on its existing ISP operations in Singapore, Hong Kong, the Philippines and Australia, Pacfusion.com will roll out simultaneously with upcoming ventures in India and China. It already holds an ISP license for India and is looking for joint venture partners in China. We were doing due diligence on several Chinese companies, even before the WTO breakthrough, said Lee.
To grow its online channels rapidly, Pacific Internet will offer free broadband-enabled server co-location services for selected content providers and internationally-renowned newspapers and magazines, Lee said. Its channels will offer North American and European companies an Asia-wide online promotion and e-commerce platform from which to launch products and services to the region.
Pacfusion.com will have initial funds of $54m and is looking for strategic
partners and venture capital funds to add an additional $100m investment. Pacific Internet is already listed on Nasdaq and within two years Pacfusion will be spun off from its parent and apply for a separate Nasdaq listing which will value it at between $1bn and $2bn, Lee claimed.
