JD.com teams up with Thailand's largest retailer on digital wallet
JD.com and Central Group are creating a new financial services app called Dolfin that will use the PromptPay bank transfer system
Thailand’s largest retailer, Central Group, and China’s JD.com on Monday launched a financial services app to expand services with local banks in the latest move by the mall operator to increase its digital presence.
The app, called Dolfin, will include an e-wallet function, digital lending platform, as well as insurance and wealth management, the joint venture, JD Central Fintech, said.
“We aim to have 400,000 users by the end of the year and 1.5 million next year,” Chief Executive Rungruang Sukkirdkijpiboon, said in an interview.
Siam Commercial Bank Pcl, Kasikornbank Pcl and Bangkok Bank Pcl are partners and the Bank of Ayudhya will join later, he said adding that the platform will help banks tailor insurance and mutual fund products for its customers.
The announcement comes as Thai companies roll out financial services partnerships with e-commerce platforms and ride-hailing services.
Last week, the country’s largest lender, Siam Commercial Bank, announced a partnership to expand digital lending and payments with Sea Thailand, a unit of Tencent-backed Sea Group.
Dolfin is able to process credit cards payments, the government’s e-payment system, PromptPay, and also top up its e-wallet, he said.
A merchant version of the app will be rolled out next year for small businesses and Central’s mall tenants, Rungruang said, adding that merchant data can be used to support bank loans.
JD Central Fintech is part of Central’s $500 million joint venture with China’s second largest e-commerce platform JD.com in Thailand, which also has a separate e-commerce unit that competes with other online shopping platforms such as Alibaba’s Lazada and Sea Group’s Shopee in Thailand, both of which have digital wallets.
Central Group, owned by the billionaire Chirativat family, plans to file for the listing of Central Retail Crop by the year-end. Refinitiv IFR has pegged the IPO size at between $1 billion and $2 billion.