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By APD Writer Chen Jiabao
BANGKOK,Sep 16 (APD)– China's e-commerce giant JD.com Inc and top Thai retailer Central Group form a 500 million U.S dollars joint venture in e-commerce and financial technology on Friday.
JD.com will provide its extensive expertise in technology, e-commerce and logistics to the e-commerce joint venture. Meanwhile, the fintech services joint venture will benefit from JD Finance’s deep knowledge in the financial technology sector, including its experience building out easy-to-use fintech services in developing markets using its artificial intelligence, cloud computing and other industry-leading technology capabilities.
Across both the ecommerce and the fintech business, Central Group will leverage its extensive retail resources, including its physical store network, which will serve as key omni-channel and payment locations, its brand and merchant relationships, as well as its retail behavior insights from its popular customer loyalty program “The 1 Card”.
To strengthen the product offering, and to accelerate its own omni-channel business growth, Central Group will open multiple flagships stores of its omnichannel businesses on the new joint e-commerce platform.
“JD’s proven track record of successfully building out national online retail businesses made it the obvious choice for our e-commerce partner,” said Tos Chirathivat, Chief Executive Officer of Central Group.
“Thailand’s mobile-driven population, with its increasing consumer spending power, makes e-commerce is ready to explode, and this partnership is poised to better serve the country’s consumers as they migrate online.”said he.
“Thailand’s large population and developed infrastructure, including strong national logistics networks, give it tremendous potential for both e-commerce and fintech services,” said Richard Liu, JD.com’s Chairman and CEO.
Liu said his new partner, Thailand’s strongest retail group, with a massive shopping mall and department store network, will gives JD a huge competitive advantage as the company expands further into Southeast Asia.
(ASIA PACIFIC DAILY)
