Targeting Thailand’s growing pool of high-net-worth individuals (HNWIs) who are increasingly diversifying their portfolios and accessing investment opportunities overseas, the partnership seeks to provide access to fully integrated onshore and offshore wealth management.

To cater to rising demand, DBS also aims to double its headcount for wealth-relationship managers (RMs) in Thailand by 2023.

Thailand was home to more 122,000 HNWIs as of 2017, almost equal the number in Singapore.

HNWIs are defined as having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables and consumer durables.

Thai wealth assets under management grew at a robust compound annual growth rate of 12.7 per cent between 2010 to 2017, according to Capgemini’s Asia-Pacific Wealth Report 2018.

Today, much of Thai wealth is held in family-owned businesses, which are key drivers of the economy, accounting for more than 80 per cent of the nation’s GDP and over one-third of listed firms on the Stock Exchange of Thailand, according to PwC Thailand Family Business Survey 2019.

DBS believes these family businesses will be well-served by its unique “one-bank” proposition, which provides access to offerings across wealth management, retail, investment and corporate banking.

The partnership brings together DBS Vickers Securities (Thailand)’s comprehensive onshore offering across funds, equities, structured notes and bonds and DBS Private Bank’s global wealth expertise, extensive Asian network and offshore wealth management solutions.

This first-in-market “one-stop” proposition enables DBS’ wealth clients in Thailand to conveniently access and manage their investments in one place. In contrast, existing market practices require investors to go through separate entities for their investment needs – one for onshore and another for offshore.

“This partnership represents our commitment to growing our business in Thailand,” said Sim S Lim, Group Head of Wealth Management and Consumer Banking at DBS Bank. “We believe the Thai wealth market holds immense potential, having witnessed Thai investors’ growing sophistication and receptiveness to investment ideas, and the Bank of Thailand’s encouraging regulatory stance towards offshore investments.

“We’ve served Thai investors for over two decades through our securities business and understand their needs and preferences. With our strong Asian expertise and connectivity, leading digital capabilities, and reputation as Asia’s safest and the world’s best, we seek to become a trusted partner by providing customers with seamless access to opportunities and wealth management solutions both within and beyond Thailand’s shores.”

Pattera Dilokrungthirapop, CEO at DBS Vickers Securities (Thailand), said Thai HNWIs are “relatively conservative with offshore investments, but this is beginning to change”.

“As their personal wealth grows, we’re seeing corresponding demand for holistic wealth management services and global investment strategies. Today, what they want is a ‘one-stop shop’ that provides trusted advisory, wealth products and solutions, and a seamless onshore and offshore experience – a gap that DBS can effectively fill through this partnership.”

DBS has been operating a securities business in Thailand since 1998. Today, DBS Vickers Securities (Thailand) holds a full securities licence and has established its position as a leading securities company in Thailand.

The study, conducted by management consulting firm AT Kearney, highlights that 5G promises speeds up to 50 times faster, 10 times more responsive, and much lower power connectivity than 4G.

Speed, low latency and enhanced connectivity will help telecom operators provide super-fast Internet connections that enable streaming of high-definition videos, cloud gaming and delivery of interactive augmented and virtual reality-powered content to consumers, the study said.

The technology will also help to fast-track smart cities, Industry 4.0, large-scale Internet of Things (IoT) deployments, and more. This will enable telecom operators to increase revenues both from consumers as well as enterprise clients.

Titled “5G in Asean: Reigniting Growth in Enterprise and Consumer Markets”, the study states that Thailand will be among the first few countries to roll out 5G services in 2021.

The study expects 5G penetration to be around 25 to 40 per cent in major countries in the region by 2025, with Thailand seeing 33 per cent penetration. The total number of 5G subscriptions in Asean is forecast to exceed 200 million in 2025.

“Businesses across Thailand, especially in key sectors such as manufacturing, are looking to 4IR [Fourth Industrial Revolution] technologies,” said Vatsun Thirapatarpong, managing director for Thailand and Indochina at Cisco. “The rollout of 5G services in the coming years will bring substantial benefits to enterprises. At the same time, consumers are eagerly awaiting the rollout for an enhanced experience with content consumption on their personal devices. Together, these two trends will play a key role in boosting Thailand’s economic growth in the coming years,” he added.

“The expected rollout of 5G services comes at a perfect time for telecom operators,” said Naveen Menon, president for the Asean region at Cisco. “The usage of cellular data is growing rapidly as users access an increasing amount of services and content on their personal devices. At the same time, enterprises are looking to leverage the Fourth Industrial Revolution, which is underpinned by artificial intelligence, IoT, 3D printing, advanced robotics and wearables, to boost growth,” he added.

Telecom operators are likely to invest about $10 billion in the region’s 5G infrastructure by 2025, the study said.

“The rollout of 5G services will require substantial investments in technology to modernise underlying networks,” pointed out Dharmesh Malhotra, managing director for Cisco’s Service Provider business in Asean.

“Telecom operators in the region are likely to continue investing in upgrading their 4G networks and building 5G capabilities in a phased manner. This will allow 4G and 5G to operate simultaneously. Cisco is partnering with network operators in their journey to 5G rollout and is already engaged with customers in Asean on 5G transformation,” he added.

However, the study says that to unlock this potential, the region needs to address some key challenges.

Foremost among these is the slow availability of spectrum for 5G services and the resulting suboptimal network rollout.

5G will be deployed across multiple bands, with three bands likely to be important globally in the near term – low band (700 MHz), mid-band (3.5 to 4.2 GHz), and high-band on mmWave spectrum (24 to 28 GHz).

In Southeast Asia, the low band is being used for FTA TV, while the mid-band is used for satellite services.

Although mmWave bands are available, deployment will need to be combined with low-band spectrum to enable an economically viable coverage of suburban and rural areas as well as in-building access.

Consumers are excited about 5G and are willing to pay for better quality, unlike 3G and 4G technology, the study noted, warning that it would be fatal for operators to engage in a price war just to attract a higher number of subscribers in the hope they can charge them more at a later stage.

On the enterprise side, operators will need to build new capabilities and bundle enhanced connectivity with solutions and applications to help customers understand, implement, and scale up value-enhancing services. They will also have to contend with a new set of competitors that provide private networks to enterprises.

“The overall potential of 5G rollout in Asean is substantial,” said Nikolai Dobberstein, partner at AT Kearney and a lead author of the report. “However, to live up to the full potential, the region will need to address the main challenges. This will require a coordinated effort from all stakeholders – regulators, operators, and enterprises. Among the key issues that regulators would need to take the lead on are: ensuring near-term spectrum availability, fostering infrastructure sharing and nurturing the development of national cybersecurity capabilities across the region.”

In Thailand, the National Broadcasting and Telecommunications Commission is expected to release the 700 MHz spectrum on technology-neutral terms and allow licence winners to roll out 5G services in December 2020. The commission is also considering auctioning the 2.6 GHz band for 5G by 2020, according to the study.

Upjohn will expand its ability to prevent and to treat non-communicable diseases (NCDs) in Thailand, the local branch of the pharmaceutical giant said in a Tuesday release.

Upjohn (Thailand) Ltd was established to promote good health for all Thais with targeted coverage of more than 1.5 million patients in 2020 and 2 million patients in 2025, or 33 per cent of Thailand’s patients with non-communicable diseases (NCDs).

Pichitchai Jakpaisan, the general manager of Upjohn (Thailand) Ltd, said the company wants to be seen as a leader in dealing with NCDs “by building trust, demonstrating that we have high-quality products, and providing support through our medical expertise”.

About 15 per cent of Thais are now NCD patients, about 10.5 million patients, but 40 Thais die from NCDs every hour. This works out to 1,000 Thais every day, or 350,000 Thais who die yearly from NCDs.

Though the figures are sobering figures, half of Thais dealing with NCDs can survive through effective prevention and treatment, according to the release.

“We want to help the Thai people stay healthy for as long as they live,” said Pichitchai. “We have 20 brands available in Thailand, including therapies in the areas of cardiovascular disease, pain, urology, psychiatry, and other NCDs. We are focused on our mission to serve NCD products through three channels: government hospitals, private hospitals and retail. Through our strategies, we expect to cover more than 1.5 million patients in 2020 and 2 million patients in 2025, or 33 per cent of Thailand’s NCD patients.”

Dr Sachin Rustagi, the research and development lead  for Thailand and Indochina, for the company, sees NCDs as a slow-moving disaster and the leading cause of death and disability, as they account for 71 per cent, or 41 million, of all global deaths each year. Of the 41 million deaths, nearly 85 per cent are in emerging markets and more than a third are premature.

“In Thailand, NCDs are the cause of death for over 75 per cent of all Thai mortalities. The simple fact is that premature deaths are preventable. Doing nothing will cost about $7 trillion, while the cost of prevention is $170 billion worldwide,” said Rustagi.

The four major NCDs are coronary artery disease and cerebrovascular disease, cancer, chronic obstructive pulmonary disease and diabetes. The risk factors for the four diseases include an unhealthy diet, tobacco use, harmful use of alcohol, physical inactivity and air pollution, he said.

“In this regard, the current standards, criteria, and surveillance approaches are insufficient for handling such concerns while decreasing the effects of NCDs in a comprehensive and efficient manner. It’s important that we strengthen the coordination between the public and private sectors, and really focus on the key diseases,” said Rustagi.

“We need to have intersectional partnerships among the government, businesses, professionals and civil societies in order to effectively translate urgent policy priorities into action.”

The pharmaceutical company is focused on relieving the burden of NCDs “with trusted, quality medicines for every patient, everywhere, with a goal of treating 225 million new patients worldwide by 2025, including in Thailand,” said Rustagi.

To help patients living with uncontrolled risk factors that put them at risk of NCDs in the future, Upjohn has launched the “Act Today for Tomorrow” programme globally, aiming to create urgency and underline the importance of better treating NCDs with Upjohn’s portfolios, the release noted.

Jas filed a notice with the Stock Exchange of Thailand otoday (September 17) saying that Jas has not as yet received any letter from the SEC demanding that Pete vacate the positions but adding that it had in its possession his resignation letter. This states that he has not yet received details on this matter from the SEC but as he wished to adhere to the good corporate governance principle, he had tendered his resignation from the positions effective September 17.

The company is calling an urgent board of directors meeting to consider appointments to fill the vacant posts. Jas does not believe this matter will have any negative effects on the financial status and operating results of the company and its subsidiaries or the implementation of its business plan.

Jas share price this morning dropped 4.58 per cent to Bt6.25.

On Monday, the SEC disclosed that based on the SET notification and its own investigation, Pete and Krikrai Traibanyatkul used the Krikrai securities account to buy JTS shares between September 29 and October 12, 2016. This was before JTS’s announcement of its third quarter 2016 financial performance, which showed a net profit, a turnaround from the continued losses since 2014.

The profit was attributed by JTS to hiring by Triple T Broadband (TTTBB), of which Pete sits as chairman.

As of March this year, Jas owned 32.80 shares of JTS. Jas also owns 99 per cent shares of TTTBB through Acumen.

The SEC imposed a civil sanction against both Pete and Krikrai and asked them to pay a civil fine.

The SEC also stated that that as a result of the civil sanction, Pete will be deemed to lack trustworthiness and is thus disqualified from hold any executive positions in a listed company.

The first is Tressie Norton, previously Senior Underwriter, Transactional Risk with Chubb in the UK and Ireland, who relocated to Singapore in April. Norton will service all Asia-based transactional risk submissions, collaborating with Chubb’s local financial lines teams across the region.

Scott Butcher, meanswhile. previously Senior Underwriter, Financial Lines within Chubb’s Major Accounts Division in Australia, has been appointed to the position of Underwriter, Transactional Risk. Scott will service all transactional risk submissions in Australia and New Zealand.

Chubb’s expansion of transactional risk capabilities comes in response to increasing demand for risk coverage in the Asia Pacific region to help facilitate corporate transactions. In 2018, M&A activity in Asia Pacific, excluding Japan, recorded a combined deal total of US$717.4 billion, a 2.6-per-cent increase in deal value than in 2017.

With primary capabilities in Australia, Hong Kong SAR, Korea, New Zealand and Singapore, Warranties and Indemnities (W&I) Insurance will lie at the heart of Chubb’s transactional risk proposition to help parties manage inherent risks in a transaction.

“With extensive experience as underwriters and legal practitioners, Tressie and Scott will provide a deep understanding of how transactional risk coverage can help participants in a transaction resolve challenging negotiations and execute the deal,” said Grant Cairns, Head of Financial Lines for Chubb Asia Pacific.

“Chubb will serve the needs of both buyers and sellers through distinct W&I policy offerings tailored to the specific needs of each policyholder,” he added.

“5G is a connectivity technology that delivers high speeds, high bandwidth, and low latency. 5G represents speed in the information society. Countries that have speed will move forward rapidly,” he said. “We hope that the speed of technological development in the West can increase, so we are looking at the licensing of all our 5G technology to help facilitate this process.”

For a one-off payment, a buyer would be given access to the company’s portfolio of 5G patents, licences, codes and technical blueprints. Based on the licensed technologies production techniques, companies can even modify the codes and develop news things themselves.

“Our aspiration is to serve humanity and achieve the pinnacle of science. Collaboration is consistent with our values, so we are willing to license our equipment to Western countries,” he said.

The founder, however, insisted that this offer to sell its technologies to others does not mean that Huawei would put a halt to the development of 5G itself. “Transferring 5G technology to other companies does not mean we will stop working on it. It just means the money we get from this transfer will allow us to make greater strides forward,” Ren reaffirmed.

There is no doubt that those great strides include its research on 6G technology, which would offer even more speed to this world. And Ren is confident about the next-generation technology in the works. “I think Huawei will also take the lead when it comes to 6G research, but our judgement is that the commercial use of 6G won’t begin for at least ten years,” He said.

The founder said that 5G technologies should not be politicized or treated as something dangerous. Countries should make their decisions about 5G to facilitate their development rather than fulfil political agendas.

“If we transfer all our technologies to the US, then they can modify the code themselves. Neither Huawei nor anyone else in the world will be able to access these technologies anymore. The US will have independent 5G. Security won’t be an issue as long as the US can properly manage its own companies. Then it will not be about us selling 5G in the US, but rather about US companies selling their own 5G in the US.

Huawei’s leading position in 5G owes as much to the cutting-edge technology as to its affordability and its ability to research, develop and roll out state-of-the-art products at the speed that’s hard to beat. The secret to its success, Ren revealed, lies in its continuous investment in research and development and the respect Huawei gives to its partners and customers worldwide since the first day of operations.

“At Huawei, cyber-security and privacy protection are always the company’s top priorities. Huawei resolutely incorporates requirements of the EU’s General Data Protection Regulation (GDPR) into all of our business processes. We are now investing heavily to upgrade existing networks and build new networks,” Ren said. “For more than 30 years, Huawei has provided network services in more than 170 countries and regions, serving approximately three billion users. We have maintained a proven track record in security. In fact, we have never had any major security incidents, I think that record speaks for itself.”

A total of 20 SET-listed firms have been selected for the DJSI, marking top inclusions in the DJSI among ASEAN for the sixth consecutive year; another 11 out of 20 SET-listed firms are globally recognised in the DJSI World Markets index. This achievement reinforces that Thai listed companies’ sustainability practices have progressed and are recognised at international level.

“The remarkable success of Thai listed companies as Asean’s top inclusions in the DJSI and the continuous increase in number of the indices’ constituents indicate that Thai businesses are committed to integrating environment, social and governance (ESG) aspects into operations while delivering robust operating performance. Being components of the DJSI will enhance the attractiveness of Thai listed firms from both local and foreign investors, and earn them reliability as investment alternatives which yield attractive returns for investors in the long run. Sustainable investment are gaining popularity in Thailand with 23 funds launched in the market, combining assets under management (AUM) of Bt30 billion,” said SETe President Pakorn Peetathawatchai.

SET has prioritised enhancing sustainability development to benefit every sector, in accordance withi ts vision “To Make the Capital Market ‘Work’ for Everyone”. Listed companies have been encouraged to integrate sustainability into all processes of business operations. Most listed companies with outstanding sustainability performance have also playing an important role in driving Thai economic growth.

Seven Thai listed companies ranked the top-scoring sustainability by industry groups for 2019, up from five firms a year earlier. The seven leaders are Banpu Plc (BANPU) in Coal and Consumable Fuels, CP All Plc (CPALL) in Food & Staples Retailing, PTT Exploration and Production Plc (PTTEP) in Oil & Gas Upstream & Integrated, PTT Global Chemical Plc (PTTGC) in Chemicals, Thai Oil Plc (TOP) in Oil and Gas Refining & Marketing, True Corporation Plc (TRUE) in Telecommunication Services, and Thai Union Group Plc(TU) in Food Products.

Eleven firms have been recognised in the 2019 DJSI World Index, namely Advanced Info Service Plc (ADVANC), Airports of Thailand Plc (AOT), CP All Plc (CPALL), Central Pattana Plc (CPN), Indorama Ventures Plc (IVL), Kasikornbank Plc (KBANK), PTT pcl (PTT), PTT Exploration and Production Plc(PTTEP), PTT Global Chemical Plc (PTTGC), The Siam Commercial Bank Plc (SCB), and The Siam Cement Plc (SCC).

Twenty companies have been selected as DJSI constituents: They are: Advanced Info Service Plc (ADVANC), Airports of Thailand Plc (AOT), Banpu Plc (BANPU), BTS Group Holdings Plc(BTS), CP All Plc (CPALL), Charoen Pokphand Foods Plc(CPF), Central Pattana Plc (CPN), Home Product Center Plc (HMPRO), IRPC Plc (IRPC), Indorama Ventures Plc (IVL), Kasikornbank Plc(KBANK), Minor International Plc (MINT), PTT Plc (PTT), PTT Exploration and Production Plc (PTTEP), PTT Global Chemical Plc (PTTGC), The Siam Commercial Bank Plc (SCB), The Siam Cement Plc (SCC), Thai Oil Plc (TOP), True Corporation Plc(TRUE) and, Thai Union Group Plc (TU).

The announcement of the list of DJSI members will be effective from September 23. The DJSI reviews and announces the list of its members every September.

In 2019, DJSI invited 2,526 large market cap companies listed on global stock exchanges and 808 firms on emerging markets to participate in DJSI corporate sustainability assessment in economic, governance, environment and social aspects to select those with outstanding performance in sustainable business operations and passing institutional investor primary criteria to be the components list of the DJSI series used by leading funds as an investment benchmark. As of April, assets under management (AUM) with sustainable and responsible investment amounted to US$86 trillion (approximately Bt2,774 trillion), continuously rising every year and surging $4 trillion from 2018, according to the United Nations-supported Principles for Responsible Investment’s (UNPRI) survey.

LINE TODAY and the Thai Media Fund are also supporting the campaign, which targets college-aged students and young people, particularly those studying journalism and mass communications.

The Thai workshops — held in Bangkok toady and in Khon Kaen on Thursday — are part of LINE’s “Stop Fake News” campaign, aimed at educating the public about the safe use of online and social media platforms, in an effort to prevent the spread of “fake news” and online misinformation. “Fake news” is a term for “falsehoods or fiction masked as news circulating on the internet,” according to the 2019 AP Stylebook.

LINE Thailand CEO Phichet Rerkpreecha noted the serious problems “fake news” can have on society, because anyone can access information easily in the social media age. Nevertheless, people often do not carefully check the sources of the information they receive online. As a result, they sometimes are unable to discern whether the information or news articles are reliable. The problem exacerbating when they pass them on to others.

“LINE has long been aware of the social issues caused by ‘fake news’ and worked actively to fight the problem,” said Phichet. “It’s not a problem that can just be tackled with laws. Cooperation from all sectors of Thai society is needed to prevent fake news from originating and spreading. The present government has shown how seriously it takes this issue through the establishment of the Fake News Center under the Ministry of Digital Economy and Society.”

Phichet noted that LINE TODAY is careful about the content  it carries, providing news and information from more than 160 reliable sources so users know they have information they can trust.

“As a world-class online platform, we are close to the fake news problem, so it is our responsibility to take part in tackling the ‘fake news’ crisis by raising awareness among the general public,” said Phichet. “That’s why LINE Plus Corporation in Korea initiated the “Stop Fake News’ campaign for the global community, including Thailand, with support from the AP.”

The campaign released an animated educational video that would guide viewers through the process of how to check the credibility of stories before sharing them with others. The educational video will be available in five languages: English, Thai, Bahasa Indonesia, Chinese, and Japanese.

Phichet continued: “We believe that the workshops will help young people in the field of communications and information technology to be more informed and better understand the impact of fake news. Eventually, they will be able to stop and prevent ‘fake news’. This campaign will pave the way for long-term solutions to the problem”.

The first “Stop Fake News” workshop was held in Bangkok today at Gaysorn Tower. It will be followed by a second one in Khon Kaen on September 19 at the Khonkaen International Convention & Exhibition Center. More than 400 students and lecturers in journalism and mass communication are expected to participate in the event.

Preferring cashless shopping, they use e-wallet on major popular Chinese applications such as Alipay and WeChat Pay. They also live a digital lifestyle, starting from searching for information, making a hotel reservation, using hotel services, and making a payment to sharing their travel experiences on social media. To better serve this segment, Thai hospitality industry should adapt itself by applying innovation to accept digital payment, upgrade service standard, and address language barrier. The customers will then spread the word and as a reault, the industry will attract more customers.

Jason Lee, Marketing Director of Ksher Payment Co Ltd, shared the behaviour of Chinese tourists in the FIT segment and digital marketing guideline, by delivering a speech on the “Strategies for Conquering the China FIT Market”  at the  “Digital Marketing for Hotel Business: Critical Tactics for 2020” seminar, organised by the Thai Hotels Association. The event welcomed more than 150 hoteliers and marketers in the hospitality industry across the country.

According to the data, the ratio between male and female tourists in FIT segment is quite close, 48 per cent male and 52 per cent female. For the age range, the first rank is those  between 25 and 30 years old, accounting for 28 per cent, followed by those younger than 24 years (22 per cent) and between 31 and 35 years old (20 per cent). More than 54 per cent of Chinese tourists have a bachelor’s degree. Most tourists, 62 per cent, came from China’s 2nd-tier cities such as Chengdu, Chongqing and Hangzhou while tourists from the first-tier cities such as Shanghai, Guangzhou, Beijing and Shenzhen account for only 16 per cent. In terms of spending, those spending 8,000 yuan  per head per trip represent 47 per cent while travellers spending 6,000 yuan per head per trip represents 46 per cent. The key factor that triggers their decision to visit Thailand is the country’s interesting activities, accounting for  91 per cent of all visitors. In regard to   budget, only 73 per cent consider it as top concern.

Lee said: “FIT Chinese tourists have three major trends – Cashless, Paperless and Digitalise. Hoteliers should evolve, they can then adapt themselves to fully meet their needs.

Cashless: 64 per cent of Chinese tourists prefer to pay by e-wallet through popular Chinese applications, both Alipay and WeChat Pay, and more than 40 per cent never carry cash.

Paperless:  More than 92 per cent of Chinese tourists use mobile phones and spend more than three hours a day on screen to search for tourist information such as accommodation, mean of transport, tourist attractions, restaurants and shopping areas. They also read reviews on mobile application instead of reading travel books and brochures or asking hotel staff.

Digitalised: Chinese tourists live a fully digital lifestyle, starting from researching, making a reservation, accessing hotel services, making payments, to sharing their travel experiences on social media.

“Hoteliers who want to penetrate the FIT segment should therefore adjust themselves faster. They should start from the most important thing, accepting the payment from e-wallet via popular Chinese applications, both Alipay and WeChat Pay. Moreover, they can apply innovation such as Remote Collection service on Ksher Boss application, which allows hotels to send their information, along with the details of remote payment. The customers can conveniently pay on the WeChat mobile app or pre-authorisation service, which asks the customers to make a deposit by scanning the QR code. When the customers check out, the hotels can check and deduct the actual costs before refunding them the deposit,” said Lee.

“Most Chinese tourists do not ‘speak’ English well, which is a major obstacle to the hotel service. Therefore, Ksher developed an operating system offering service innovation that improves the mode of communication. It connects the mobile apps of Chinese tourists with the hotels’ operating system to ensure easy communication via digital platform, reduce miscommunication, and increase customer satisfaction. The innovations include Smart Hotel Butler service, Mobile Menu and Multi-Language UI. In addition, it can analyse tourist data to further develop strategies and plans,” added Lee.

This payment service is free for hospitality and retail businesses interested in using Ksher Payment’s financial transaction solutions to scale up their business with both Chinese and Thai tourists. No application fee is required.

BEIJING – Chinese digital technology firm JD Digits has stepped up overseas expansion by rolling out a financial services app with local partners to promote e-wallet services in Thailand.

The e-wallet app Dolfin can support electronic Know Your Customer technology and features money transfer, payment and other digital wallet functions, the company said in a statement.

Online credit, wealth management, insurance, digital marketing and other functions will be gradually offered via the app.

The product was launched by Central JD Fintech, a joint venture set up in 2017 by JD Digits and Thai retail giant Central Group, which is expected to promote a cashless society by leveraging the former’s fintech expertise and the latter’s retail presence.

JD Digits, once the financial technology arm of Chinese e-commerce titan JD.com, has accelerated its global expansion with forays into overseas markets including Indonesia and Thailand.