JD.com, Thailand’s Central Group launch financial services app

JD.com and Central Group, a Thai conglomerate involved in merchandising, real estate, and retailing, have launched a financial services app called Dolfin.

Photo credit: JD

The development comes as the Chinese ecommerce giant looks to extend into Southeast Asian markets. Central Group is also seeking to expand its digital presence, according to a Reuters report.

The new service is set to have an e-wallet function, as well as digital lending, insurance, and wealth management offerings, according to JD Central Fintech, a joint venture between JD.com and Central Group. The app will be able to suport credit card payments, government e-payment system PromptPay, and e-wallet top-ups.

The company seeks to attract about 400,000 users by the end of 2019 and roughly 1.5 million by 2020, said JD Central Fintech CEO Rungruang Sukkirdkijpiboon. Siam Commercial Bank, Kasikornbank, and Bangkok Bank have come on board as partners, with the Bank of Ayudhya slated to join later, he added.

A merchant version of the Dolfin app is also scheduled for release next year, which can be used by small businesses and Central Group’s mall tenants, according to Sukkirdkijpiboon.

JD.com and Central Group established their US$500 million joint venture in late 2017, intended to focus on shopping and personal finance. In addition to JD Central Fintech, the partnership also included an ecommerce unit that competes with platforms such as Shopee and Lazada for Thailand’s online shopping market.

Last year, JD.com received US$550 million from Google as part of a strategic partnership, where the two companies will develop a range of online shopping solutions for Southeast Asia, the US, and Europe.