JD Central Fintech, the joint venture (JV) of Thai retailer Central Group and Chinese e-commerce firm JD.com in Thailand, has announced the launch of a financial services app dubbed Dolfin.
The app will provide e-wallet and digital lending functionalities, reported Reuters. It will also support insurance and wealth management services.
Dolfin will be able to process credit cards payments and payments made through the government’s e-payment system PromptPay, the news agency quoted JD Central Fintech CEO Rungruang Sukkirdkijpiboon as saying.
Local lenders Siam Commercial Bank, Kasikornbank and Bangkok Bank have already joined the initiative as partners, with Bank of Ayudhya expected to on-board later.
The launch is aimed at expanding Central Group’s services with local banks and bolstering its online presence.
Sukkirdkijpiboon told Reuters: “We aim to have 400,000 users by the end of the year and 1.5 million next year.”
Next year, JD Central Fintech plans to roll out a merchant version of Dolfin that will cater to SMEs and Central’s mall tenants.
JD Central Fintech also operates a separate e-commerce unit in Thailand. Its primary competitors in the country – Lazada and Shopee – already provide digital wallet services.
Notably, last week, Siam Commercial Bank teamed up with Sea Thailand to expand digital lending and payments.