Central JD Fintech Group is a result of a business partnership between Central Group, Thailand’s leading retailer and omni channel businesses in Thailand and Digi-Lifestyle, and JD.com, one of the world’s Top 3 largest e-commerce businesses and the most profitable retailers and JD Technology, one of the leaders of technology in China. The company was established as part of a joint venture of Financial Intelligent Platform Services Development Company and digital technology and fintech services in Thailand with the value of over $250 million.
This year, Central JD Fintech Group won in the ‘Best New Fintech Company’ and ‘Best New Digital Payment App in Thailand’ category at the International Finance Award 2021. Notably, this is the first time a Thai company has won two awards on an international platform in the fields of fintech and digital payments.
The group management undertakes by a holding company, Central JD Fintech Holding Co., Ltd. and conducts key business operations by its two subsidiaries which are: Central JD Money Co., Ltd., providing electronic wallet service (Dolfin e-wallet) and digital payment business (e-payment) and Central JD Company Fintech Co., Ltd., providing digital intelligent platform that offers various of products according to customer needs, including credit services, insurance services, as well as other financial products/services. With the digital technology services, Central JD Fintech Group is ready to provide the digital technology to enhance the quality of life with the intelligent platform, ready to move Thailand into a full digital society.
Central JD Fintech, a company that combines the unparalleled expertise in Digi-Lifestyle from Central Group – Thailand’s largest retailer – with advanced technologies and innovation from JD Technology, China’s digital technology leaders, has provided digital financial solutions such as e-payment, digital lending, and e-insurance through ‘Dolfin application’. The company’s goal is to become Thailand’s premier e-finance and fintech service provider, leveraging cutting-edge technology to excel in all aspects of personal finance management to make digital financial services available to all sections of Thai society.
It aims to achieve its goal by improving Thai’s quality of life and preparing them for the transition to a fully digital, cashless society, together with accessible financial innovations that satisfy different demands on an individual level through the integration of financial technology, AI (Artificial Intelligence), and Big Data Analytics. Through their world-class innovation, this e-wallet provides unrivaled safety and simplicity for Thai shoppers on any payment occasion. Today, the Dolfin application has over 3 million users.
Mr. Yol Phokasub, Chairman of Central JD Commerce Company Limited and Director of Central JD Fintech Company Limited said, “As a result of the Covid-19 pandemic and digital disruption, the consumer market and consumer lifestyles are transitioning to the digital age. The demand for financial services via digital channels has grown at an exponential rate. We have developed a smart platform, Dolfin, which offers complete digital financial solutions that make digital financial services accessible to all Thais, while elevating their quality of life and transforming lifestyles for the fully cashless society.
“We offer e-payment, digital lending, and e-insurance services through the Dolfin application that provide our customers with easy-to-use financial services. Since the launch of the application in 2019, the application now has over two million registered users. We consider these two prestigious awards we received as confirmation of our full dedication, and it also portrays the full willingness of Central JD Fintech to provide world-class digital financial solutions”.
Dolfin is the first application in Thailand to employ e-KYC
Dolfin is Thailand’s first e-wallet application to use e-KYC (electronic know-your-customer) for user identification verification throughout the registration process, combining the capabilities of face recognition and optical character recognition (OCR) technology to ensure the highest level of security. Precise face recognition and OCR technologies are applied to ensure complete confidence in the platform’s security while also allowing for a much friendlier user experience during the sign-up process – both created and optimized to meet actual usage circumstances in Thailand. The Bank of Thailand’s regulatory sandbox has passed and certified this industry-revolutionizing technique for public use.
Customers can successfully become Dolfin Wallet users and enjoy the secure and convenient e-wallet and e-payment services with just two simple steps for ID card scan and face scan. Customers’ information will be securely validated against a trusted government database, and their identity will be confirmed using biometrics recognition technology.
The only Thai e-wallet with open-loop merchant networks
Dolfin Wallet, with its goal of providing the finest e-payment experience to its users, offered a variety of payment alternatives, including close-loop with Dolfin’s own merchants and open-loop via the PromptPay infrastructure, which has over 6 million payment points. Since early 2021, Dolfin Wallet has also been authorised by the Bank of Thailand to allow users who have completed e-KYC to make payments at PromptPay acceptance locations around the country without having to physically validate their ID card using a card reading device, as was previously required.
Moreover, Dolfin Wallet, the first e-wallet operator in Southeast Asia and the second in Asia, debuted its payment by QR credit card with VISA and Mastercard in September 2021. Users of Dolfin Wallet would be able to make e-payments with their credit cards without having to carry their actual cards to numerous QR credit card acceptance sites. Furthermore, they will be able to obtain all perks from the card issuer in the same way as they would if they used their physical credit card.
Dolfin’s digital lending products, namely Dolfin Money, use advanced big data analytics to develop an information-based credit underwriting model that provides a fast and simple digital lending platform where an applicant does not need to provide any documents, either physically or electronically, and the loan approval can be done in a matter of minutes using the pre-active approval approach. Dolfin Money was established in July 2020 as a cash loan option as well as a ‘Buy Now Pay Later’ option to meet the needs of the applicant.
In May 2021, Dolfin platform also launched digital insurance brokerage service, namely Dolfin Insure, to offers new experience to purchase insurance with fully digital process which Dolfin customers will be offered preliminary instant-protection with the reasonable premium price by risk-based pricing model through AI and big data analytic that relevant with multiple driving behavior factors and car insurance claim history.