RedFOX Labs isn’t a name many would be familiar with yet and may remain that way for some time, as it plans to tackle SEAs largest players in the Internet Economy.
The race for domination in the internet economy isn’t a recent thing and with many players trying to establish themselves, what could RedFOX Labs possibly bring to the table, that doesn’t already exist?
RedFOX Labs takes existing unicorn models and enhances them by leveraging blockchain technology. This gives them a unique advantage over their rivals as far as payment processing, micro-payments, security and the ability to rapidly scale. There have been many successful examples of the venture builder model with Rocket Internet being top of mind. However, the RedFOX Labs team is looking closer to their Vietnam home for inspiration.
“We have seen the Chinese companies tackle similar problems that face the SEA markets at the moment. We can really learn a lot from their models, learnings, mistakes and most importantly, their innovation. It’s no secret that in many aspects the Chinese super apps like Wechat have largely outstripped their US counterparts on the innovation front. We can learn a lot from these companies, but we can also introduce a lot of innovation as we integrate Komodo Platforms amazing technical offerings” Said Ben Fairbank CEO and CO-Founder of RedFOX labs.
Choosing to base in Vietnam, may seem like a pretty big gamble for the 3 Australian natives who lead the RedFOX Labs team. However, when you look at the recent reports released by Google-Temasek you quickly realise, this team is positioning itself to be in the right place at the right time. The growth rate in the Internet Economy is breathtaking, and looks like its is only just getting warmed up.
Having a firm understanding of both global and local markets, with a particular focus on CEX and disruptive tech stands the RedFOX Labs team in good stead as they tackle SEAs biggest names.
“Our advantage to think outside of the box will help us to no end” Said Fairbank. “Where other companies are looking into and trialling blockchain tech, we are tested and ready to roll with our solutions. We have market ready tech and we see this in a different way than most newcomers to the tech. While many see how blockchain can be integrated into their existing business, RedFOX Labs starts with blockchain as a base layer. We are past thinking about how it COULD be integrated and onto when and how. We don’t try and get people to accept it and adopt it, we actually seamlessly integrate the tech into existing and familiar products and services, meaning the end user doesn’t even know they are using the blockchain. They’re just experience a faster, cheaper and more secure version of what they are already accustomed to” Fairbank went on to say.
With the SEA market set to reach $240 billion USD by 2025, RedFOX Labs are not only poised to capitalise on gaining some of that market share, but they also plan to use blockchain technology to unlock some of the 50% + of SEAs population who are not part of the internet economy.
With a strong focus on the fastest growing 4 sectors within the SEA Internet economy, RedFOX Labs will concentrate on e-commerce, e-travel, e-media and ride-hailing (which includes logistics, supply chains and delivery services).
“Having seen the struggles that ride-hailing companies go through to turn a profit, we are unlikely to tackle this vertical as the model will actually slow us down in getting to our eventual goal. Our model allows us to remain agile, flexible and to scale extremely fast when required. We will never lose our deep Customer Experience roots and we believe in giving back to the communities in which we build.” Said Fairbank
With a projected growth rate for the SEA Internet Economy of over 300% in the next 6 years, coupled with a wealth of global multi-national experience and a proven ability to manage a blockchain project, it looks like RedFOX Labs will be a serious player in the emerging markets of SEA.