iFashion launches retailer-backed digital currency for shoppers

Singapore fashion and lifestyle conglomerate iFashion Group has launched MegaX (MGX), a new digital token, to go on sale from 17 October 2017.

With leading electronic payments provider MC Payment as technology partner, MGX holders can make immediate purchases from partnering brands online or at bricks-and-mortar stores. Supporting this partnership, MC Payment will provide its electronic wallet technology to facilitate payment transactions. The sale period closes on 17 November 2017.

“Ensuring success in the future retail space requires enterprises to fearlessly adopt new technologies. Rather than wrestling with meeting consumer demands and overcoming integration challenges, a bottom-up movement with millennials at heart, both online and offline, is the way forward. MegaX will serve as a symbol of visionary influence on the future of retail, bridging the disconnect between customer expectations and brand capabilities,” said Jeremy Khoo, group CEO, iFashion Group.

MGX tokens derive value from being immediately spendable on retail products and MGX holders will enjoy exclusive access and privileges within the MegaX retail network when paying with MGX. They will also have their very own online MGX-only mall slated for launch soon.

Founded in 2014, iFashion Group has an established network of over 1,400 independent brands such as fashion label Dressabelle, lifestyle store Megafash and INVADE -- organiser of ArtBox Singapore, and around 100,000 retail products can be purchased with MGX.

Payment for MGX purchase can be made through bank transfer, SWIFT payment or an Ethereum token swap.