The group includes JD.com, China’s largest retailer and its fintech company, JD Finance as well as Thailand-based retail conglomerate, Central Group. The companies will invest USD 500 million to establish the two ventures.
Under the terms of the agreement, half of the investment will come from Central Group, with the remainder coming from JD.com, JD Finance and Provident Capital, which is also JD.coms strategic partner for its Indonesian ecommerce business.
JD.com will provide expertise in technology, ecommerce and logistics to the ecommerce joint venture, while JD Finance will oversee the fintech services venture with the aim to develop easy-to-use fintech services in developing markets using artificial intelligence, cloud computing and other industry-leading technologies.
Central Group will leverage its retail resources, including its physical network, which will serve as key omnichannel and payment locations. The Thailand-based retailer will also open its merchant network and make available retail behaviour insights from its customer loyalty program, “The 1 Card”.
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