FTAG Group announced today that it has acquired a significant stake in Singapore-based live streaming startup BeLive Technology. The strategic move, made via the company's investment arm FTAG Ventures, will enhance FTAG's own media capabilities while expanding its technology portfolio. It also makes them one of BeLive's largest backers alongside Singapore's national broadcasting network Mediacorp.
"The e-commerce space is huge, with e-commerce sales worldwide reaching USD4.3 trillion in 2020. The pandemic has shown us that in the new normal, e-commerce and home-based entertainment will continue to dominate global consumption," FTAG Group Chairman Kelvin Chng commented. "We see tremendous potential in this space and live shopping is the next most exciting development from here."
BeLive offers powerful live streaming solutions that boast advanced interactive features and viewer data analytics which greatly enhance the user's experience, especially during live shopping. BeLive has been a key player in the live streaming industry since 2014, with offices in Singapore, Vietnam, and China. Key clients such as Samsung, Rakuten, Square Enix, L'Oréal Paris, and more recently, one of Indonesia's top e-commerce marketplace Bukalapak, is testament that BeLive is at the forefront of innovation.
Meanwhile, FTAG is set to push on with further strategic acquisitions during a time when most companies are unwilling to take on risks. The firm is also currently planning a SPAC (Special Purpose Acquisition Company) deal targeting technology firms in the Asia Pacific region.