# Yuuzoo > Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Yuuzoo > Markdown URL: https://mediated.wiki/source/Yuuzoo.md > Source: https://en.wikipedia.org/wiki/Yuuzoo > Source revision: 1333381877 > License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/) {{Infobox company | name = YuuZoo Corporation Ltd. | type = [Public](/source/Public_company) | traded_as = {{Singapore Exchange|AFC}} | industry = [E-commerce](/source/E-commerce) | founded = 2008 | founder = {{Unbulleted list|[Thomas Zilliacus](/source/Thomas_Zilliacus)|Ron Creevey}} | location = [Singapore](/source/Singapore) | key_people = [Thomas Zilliacus](/source/Thomas_Zilliacus)
([Executive Chairman](/source/Executive_Chairman)) | subsid = YuuPay Secure Pte Ltd | website = {{URL|www.yuuzoo.com}} }} '''YuuZoo''' was a company that has built an online platform that combines [social network](/source/social_network)ing, [e-commerce](/source/e-commerce), [gaming](/source/Online_game) and online and mobile payments.{{Cite web |date=2024-07-15 |title=YUUZOO NETWORKS GROUP CORP Basic Info |url=https://links.sgx.com/1.0.0/corporate-information/2593 |access-date=2025-02-13 |website=links.sgx.com}} It had grown internationally through a licensing programme in which geographical licenses were sold to companies or entrepreneurs in each market. It was the first company of its kind to be listed in Singapore.{{cite web|last1=Lim|first1=Stanley|title=An Introduction to the First Social Media Company Listed In Singapore: Yuuzoo Corporation|url=http://www.fool.sg/2014/09/18/an-introduction-to-the-first-social-media-company-listed-in-singapore-yuuzoo-corporation/|website=The Motley Fool Singapore|publisher=The Motley Fool Singapore Pte. Ltd|access-date=28 October 2015}} The platform also had an advertising functionalities and a payment service called YuuPay. == History == YuuZoo was founded in 2008 by Ron Creevey and [Thomas Henrik Zilliacus](/source/Thomas_Zilliacus),{{cite news|last1=Yap|first1=Shiwen|title=Interview: the man who led Nokia’s charge into Asia|url=https://www.techinasia.com/interview-man-led-nokias-charge-asia/|access-date=28 October 2015|publisher=Tech in Asia|date=27 January 2014}} the former Regional Director for Asia Pacific of [Nokia](/source/Nokia). Building of his 14-year experience as a senior executive in the world's leading mobile phone company Nokia, Thomas Zilliacus from the time YuuZoo was founded used leading audit and legal firms to ensure that YuuZoo from a corporate governance point of view was prepared for a possible listing. He engaged [KPMG](/source/KPMG), one of the world's big 4 audit firms, to advise Yuuzoo on how it should recognise the sale of licenses against shares in the companies that bought the licenses. Following the advice of KPMG, YuuZoo appointed [Deloitte](/source/Deloitte), another big 4 audit firm, to value the shares YuuZoo received. The model was presented to the [Singapore Stock Exchange](/source/Singapore_Stock_Exchange) (SGX) who approved it. On September 16, 2014, YuuZoo became a listed company on the SGX under the ticker symbol "AFC".{{cite news|title=YuuZoo CEO Zilliacus on Business Strategy|url=https://www.bloomberg.com/news/videos/b/ac0537ed-9a30-4b5a-9939-527b18f89b32|access-date=28 October 2015|agency=Bloomberg|publisher=Bloomberg|date=17 September 2014}} YuuZoo set up an office in Singapore, and also set up offices in Thailand, China and Nigeria. Soon after the listing Thomas Zilliacus resigned as CEO and James Sundram was appointed. From October 2015 Sundram was in charge of all operational matters while Thomas Zilliacus as Chairman focused on strategic issues. In 2017, YuuZoo made a major acquisition in buying a French logistics company. The plan was to build a European base for YuuZoo's e-commerce business and to provide logistics services in Europe for Asian e-commerce companies. The French company was named YuuLog. === 2018-2019: Trading halt and office closures === In March 2018, SGX, which had approved YuuZoo's revenue recognition model before the company was listed, without explanation reversed course and suspended the trading in the shares of YuuZoo claiming that the revenue recognition model they themselves had approved may have misled investors. SGX also asked the Singapore Commercial Affairs Department (CAD) to start an investigation into the matter.{{Cite web|last=Leow|first=Annabeth|date=2018-03-05|title=YuuZoo hit with SGX notice of compliance and queries over unaudited FY2017 results|url=https://www.straitstimes.com/business/companies-markets/yuuzoo-hit-with-sgx-notice-of-compliance-and-queries-over-unaudited|access-date=2021-02-11|website=The Straits Times}}{{Cite web|last=Yan Min|first=Chia|date=2018-04-04|title=YuuZoo being probed over possible breaches|url=https://www.straitstimes.com/business/companies-markets/yuuzoo-being-probed-over-possible-breaches|access-date=2021-02-11|website=The Straits Times|archive-url=https://web.archive.org/web/20180411054034/https://www.straitstimes.com/business/companies-markets/yuuzoo-being-probed-over-possible-breaches|archive-date=2018-04-11|url-status=dead}} An investigation that has continued for over 3 years has shown no breaches by YuuZoo of any SGX rules or regulations nor anything wrong with the revenue recognition model. In spite of this, SGX has refused to lift the trading suspension. This led to Yuuzoo having to close all its operations including its newly acquired YuuLog business in France and its offices in Singapore, Thailand, China and Nigeria. It also has had to terminate more than 300 employees as it has been unable to access its funds due to the ongoing trading suspension.{{Cite web|date=2019-03-18|title=YuuZoo to close all Singapore operations, lay off staff due to continued trading suspension|url=https://www.straitstimes.com/business/companies-markets/yuuzoo-says-to-close-all-singapore-operations-lay-off-staff-on-continued|access-date=2021-02-11|website=The Straits Times}} ==References== {{Reflist}} Category:Singaporean social networking websites Category:Companies listed on the Singapore Exchange Category:Financial services companies established in 2008 Category:Financial services companies of Singapore Category:Internet properties established in 2008 --- Adapted from the Wikipedia article [Yuuzoo](https://en.wikipedia.org/wiki/Yuuzoo) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Yuuzoo?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.