While the success story of a logistics company from Thailand has gained attention through the Netflix series Mad Unicorn, recent developments in the delivery industry in Malaysia show that every market has its own challenges.
Flash Express Malaysia, announced the closure of its business operations in Malaysia, thus ending its presence in the increasingly competitive local market.
Flash Express Malaysia will completely end its delivery operations in Malaysia effective January 31, 2026, after stopping accepting new orders early to complement existing deliveries.
The closure involves the operations of Flash Express Malaysia, part of the Thailand-based Flash Express group that once skyrocketed to unicorn status, a valuation exceeding USD1 billion.
According to an official statement, the decision was made after a thorough assessment of the viability of operations in the Malaysian market. The local delivery industry is currently dominated by a few large players who control the majority of e-commerce volumes.
J&T Express and SPX Express Dominate 73.5% of the Market
Industry data shows that J&T Express and SPX Express collectively control over 73.5% of the domestic parcel delivery market share, especially in the e-commerce segment. This dominance is supported by close integration with marketplace platforms, large scale of operations and the ability to offer lower delivery costs.
Over 100 other players such as Ninja Van, GD Express (GDEX) and Pos Malaysia continue to control significant market share, making the competition space increasingly narrow for medium-scale players.
Operating cost pressures, thin profit margins, and the need for continued investment in “last-mile delivery” infrastructure are believed to be the main factors behind Flash Express’ decision to withdraw from the Malaysian market.
The closure comes as global audiences are beginning to recognize the inspirational story behind Flash Express through Mad Unicorn, which chronicles the tortuous journey of building a logistics empire from the ground up. In addition to Thailand, Flash Express still maintains operations in Laos, the Philippines and Vietnam.
