(RTTNews) – JD.com, (JD), China’s largest retailer, along with Chinese fintech company JD Finance, Thailand’s retail conglomerate Central Group, and Provident Capital announced late Thursday an aggregate investment of up to $500 million to establish two joint ventures in Thailand covering e-commerce and fintech services, respectively.
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.com’s strategic partner for its Indonesian e-commerce business.
JD.com said it 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. Across both businesses, Central Group will leverage its immense retail resources, including its physical store network.
Tos Chirathivat, Chief Executive Officer of Central Group, said, “Thailand’s mobile-driven population, with its increasing consumer spending power, means that e-commerce is ready to explode, and this partnership is poised to capture the country’s consumers as they migrate online. This move marks a key step in Central Group’s goal to become Thailand’s online retail leader.”