FASZZ TECHNOLOGY ACQUIRES STAKE IN INCITE FOODTECH
Posted August 10, 2022
"The acquisition will enable us to advance our ambition of building a first-of-its-kind unified halal ecosystem, from food delivery service, grocery marketplace, ride sharing, to Islamic financial technology. This will further strengthen Malaysia's position as the nucleus of the global halal industry," said Founder of Faszz Technology, Dato' Ishak Mohd Ishtiaq.
The move is part of Faszz's effort to diversify their offerings while still adhering to the principles of "Halalan Toyyiban" and Shariah guidelines. Faszz expects this collaboration will be a fitting response to the latest government's call for industry players to build more innovative products and market development strategies by leveraging cutting-edge technology and capitalising on digital transformation.
The halal industry, which is a strategic and high-impact sector in the 12th Malaysia Plan, would help Malaysia improve its ability and skills at promoting the development of halal products and services, which would speed up industry development. According to Halal Development Corporation (HDC), Malaysia's Halal industry market value is expected to reach US$147.4 billion by 2025.
Despite the pandemic, in less than 20 months, IF has grown to own nine brands under its QSBF brand portfolio, operating in more than 25 locations across Klang Valley. Recently, IF has also expanded into the India market, partnering with Village Groupe, India's first co-fooding provider. The venture's biggest strength is their unique business model, "Plug-In & Scale" which allows them to supercharge the QSBF brands' expansion through numerous formats, such as physical outlets, shared space, kiosks, and cloud kitchens. Faszz will be tapping into IF's big data to understand the F&B market trends and expertise in order to expand the holistic ecosystem to its full potential.
Tham Lih Chung, Founder and Director of Incite Foodtech said, "Both parties aim to revolutionise the consumer market in Malaysia and expand halal services beyond Malaysia. It couldn't have arrived at a better moment for us to join forces to create a full-fledged halal ecosystem. It has the potential to be the first of its kind in the world."
Leveraging on Malaysia's global leadership in Islamic economy, Islamic finance, and Islamic fintech, such unique ecosystem development has the potential to cement Malaysia's global position as an Islamic Digital Economy (IDE) Hub. IDE, which spans the Islamic Fintech, Halal, and Lifestyle sectors, provides a solid value proposition for businesses-to-business and businesses-to-consumers looking to offer products and services to the growing ethically conscious customer base around the world.
"We would like to congratulate Faszz on this development, in their drive to become the first-of-its-kind unified halal ecosystem which bodes well in asserting our leadership position further. The IDE has been identified as a catalytic pillar to drive forward Malaysia's global positioning. Hence, the support of our IDE companies will be vital in crystalising the Government's overarching strategies to which, MDEC will continue to drive and support such initiatives," stated Ts Mahadhir Aziz, CEO of MDEC.
In addition to that, the nation's leading equity crowdfunding (ECF) player, Pitch Platforms Sdn Bhd (pitchIN), will be roped in as one of the key collaborators to attract more investors to come on board. "We're delighted to be a part of this exciting development, which enables us to introduce the first of many Shariah-compliant ECF deals in the coming months," said Sam Shafie, CEO of pitchIN.
According to Faszz, the introduction of halal offerings will come in phases. As for this year, the focus will be on enhancing the existing halal food delivery platform and launching a halal grocery marketplace. E-wallet, ride-sharing, and fintech solutions will follow in 2023 and 2024, respectively. The group aims to hit RM100 million in revenue within 24 months and looking at expanding the business in ASEAN countries and the Middle East.
"Aside from creating a unified ecosystem, we aim to offer something that would address the current food supply issues, service standards, and value-for-money to consumers and merchants," Dato' Ishak added.
For more information about Incite Foodtech, visit www.incitefood.com