Alchemist Codes is a Malaysian company specialising in App and web development as well as tech consulting. However, you probably know or use the company’s most successful product, the e-commerce platform, OCTAPLUS. The growing, nascent e-commerce platform was first launched in 2019 and has since seen over 47% growth in user base in just the first quarter of 2020.
The company’s e-commerce platform joined the e-commerce industry at a time when the Malaysian e-commerce industry is experiencing a boom led by platforms such as Lazada, Shopee, PrestoMall (formerly known as 11street). That said, OCTAPLUS has the unique proposition of providing users with cashback incentives and providing retailers with an instant online retail promotions function. In addition, the platform provides users with discounts, reviews, price comparison data and detailed product information. OCTAPLUS also employs several big data, AI and analytics technologies to provide end users with a better online shopping experience.
AIQ Limited has recently reverse acquired Alchemist Codes on the London Stock Exchange despite the trying economic times amid the COVID-19 pandemic. With this acquisition, AIQ Limited is looking to up the ante with OCTAPLUS. AIQ Limited is looking to create a modern day, online “Silk Road” to bridge the eastern and western markets. It is looking to become the bridge between small and medium entreprises in Eurasian countries. The acquisition highlights the technical potential of Alchemist Code’s OCTAPLUS platform. Alchemist Code is looking to push OCTAPLUS as a global player in the e-commerce and online retail space with AIQ Limited’s backing.
AIQ Limited and Alchemist Codes are looking to the upcoming growth opportunities provided by the introduction of 5G technologies. With Malaysia looking to roll out commercial 5G by the third quarter of 2020, the company’s reverse acquisition puts them in a unique position to leverage these technologies. In fact, they see great potential in leveraging these technologies to help benefit e-commerce retailers and extend OCTAPLUS’s consumer and B2B offerings.