New digital auction platform lures Dashen bank, other entities to follow suit


Adugenet Technology Group plc introduces a digital auction solution to modernize and eye-catch entities like banks, insurance, real estate developers and public offices. Dashen bank has become a pioneer partner under the new scheme.
The platform that launched on October 7 at the Ethiopian Skylight Hotel from inception targets to ease the existing and traditional auction scheme with a digital system that shall also catch more players than the previous trend.
Tadesse Tessema, prominent entrepreneur, founder of the pioneer car assembly in Ethiopia, Holland Car and has now established the Adugenet online auction platform. He said that the ultimate goal of the digital auction is to make lucrative for auctioneers that enable clients to sale their goods and properties on real market price. The real market price will also contribute for the government to earn proper revenue through the transaction tax.
He told Capital that he was studying the Ethiopian auction system that has an annual transaction of over 100 billion birr, “As per our assessment we identified that the range is very narrow for very few and regular participants and there are also issues regarding transparency.”
“Our system will solve such kind of concerns and allow more participants to play on the auction from every corner of the world and would have a benefit for companies or public offices to gain more value than the existed experience,” he said.
On the launching ceremony Tadesse expressed to potential partners that the online auction makes sales efficient and simple in the internet.
“The hybrid international online auction is transparent to all, and gives much more exposure than the traditional auction,” he explained.
“Besides generating high revenue than the traditional system it has the opportunity to earn foreign exchange under the scheme since buyers shall come from the diaspora or other interested potential investors that shall invest in the country,” he added.
An expert who observed the new platform elaborates that if a bank forecloses a facility and a foreign investor who is interested to invest in the country shall involve itself on the auction to get it on the aim for his or her future investment.
About the scheme Tadesse stated that sellers see ascending closing price at an agreed upon time, buyers can make a bid 24/7 and more buyers more price shall be gained, “The auctions that regulates as per the commercial codes of the country can monitor real time activity electronically.”
According to the scheme buyers shall bid more than once from anywhere all over the world globe.
“The platform is flexible to bid anytime anywhere at the convenience of smartphone or computer, while it is ample for sellers or buyers to control the process,” he said.
He recalled that the current scheme involves physical activities, that is: to buy bid document, evaluate the condition of the property, pay bid bond, and attend the biding and other processes. The new scheme will change that and auctioneers shall make available the description products or property online and all procedure like payments to access the bid document while others will be concluded online, with same time and costs risk reduction and optimizing the value in win-win terms.
“You can view the products prior to starting your bidding until end of the auction and keep an eye out for your fellow bidders’ bids, making sure you seize the opportunity to get your hands on that car you have been dreaming about, your home or home appliances. Besides that you can buy products from all over around the country,” Tadesse told participants.
According to the developer of the new technology that was built in India with its server based in the Netherlands, the new scheme is suitable for banks to sell property and other products that they foreclosed, and insurances that are frequently auctioned products that they received after compensation.
“Real estate developers shall also easily sale their houses for potential buyers through the platform. And similarly public offices like disposal bodies shall manage their activity on the modern scheme with better revenue for the government than the trend now,” he elaborates.
On the launching ceremony participants mainly who came from insurance companies welcomed the system and said it will totally change the traditional system and allow companies to benefit more.
At the event Adugenet and Dashen Bank signed the agreement to allow the bank to use the scheme. “Prior to the launching we have approached almost all potential customers and almost all of them are delighted by the system and expected to be included on the system,” the entrepreneur told Capital.
He said that the platform will also target to involve on the export sector as an ecommerce.