With the exponential growth in China’s food and beverage (F&B) industry, which posted a record high revenue of USD636 billion in 2018, MIG saw the opportunity to establish a partnership with China-based food procurement e-commerce platform Tong Ying Tian Xia (TYTX) to form and manage Tong Ying Asia (TYA).
TYTX is a household name in China, boasting over 220,000 registered restaurants and more than 7,000 suppliers spread over 100 cities in China on its innovative platform, which is promoting the factoryto-business-to-consumer (F2B2C) model. The F2B2C business model resolves issues such as information and price transparency while reducing cost and improving efficiency for the end-to-end procurement process in the F&B industry, which in the region still relies on traditional purchasing over the telephone or door-to-door sales.
Using a patented artificial intelligence planning algorithm, the platform automates restaurant procurement process and B2B online ordering system for F&B suppliers and merchants.
The collaboration with MIG is part of TYTX’s expansion plan outside China and taps into MIG’s strength and connection in the region. TYA will be adapting TYTX’s business model for the local market by launching the first supply chain management platform for food commodities, raw materials, and ingredients in Malaysia, and progressively expanding the operation across the Asia region.
MIG is proud to be a select partner of e-commerce powerhouse TYTX in their international growth roadmap. We believe China is at least three to five years ahead in terms of technology embedded into everyday life, and MIG wants to leverage on their scale and expertise to introduce a new procurement concept to the F&B industry here in Malaysia. It is our way of being disruptive and innovative in this new era of the Fourth Industrial Revolution.
Get more out of life with HealthLand
What’s better than spending the day indulging yourself with a well-deserved spa experience? Having your family joining in the fun, of course.
Five signs your business is stagnating
Reaping handsome rewards when profits begin rolling in for the business you’ve so painstakingly grown in is a fantastic feeling for every entrepreneur.
Hari Raya cheer for senior folks
Led by our MIG Group CEO and COO Dato’ Brian and Dato’ Stanley, MIG brought festive cheer to the elderly folks at Pusat Jagaan Al-Fikrah Malaysia in Kajang for the Hari Raya celebration this year.
WeConnect Tech diversifies into oil and gas
We deliver trusted energy solutions for marine, mining, power and industrial customers across Asia Pacific.