SINGAPORE - The first listed social media company here, YuuZoo, has teamed up with a Turkish partner to gain a presence in Turkey, after a similar recent move to enter the South Korean market.
In an announcement to the Singapore Exchange (SGX) Tuesday, YuuZoo said it had set up a franchise model with its new Turkish partner. The deal means YuuZoo will hold a significant stake in the venture.
YuuZoo, which listed on the SGX in September last year, offers a mix of social networking, gaming and e-commerce on its online platform.
The firm's chairman and chief executive Thomas Zilliacus said: "We are entering overseas markets either with a franchisee or in partnership or joint venture with a strong local partner."
He said this approach enabled YuuZoo to fully localise the virtual shopping mall for the local market, and to expand its global footprint at a rapid pace.
"Turkey is one of the fastest growing social e-commerce and gaming markets in Europe. We are convinced that our patent-pending solutions will create for the Turkish consumers and businesses a compelling new experience which will enable the targeted user growth, and through that significant new revenue", he added.