However, JD's investors shouldn't place too much faith in its oft-cited partnership with Tencent - which could be frayed and ultimately destroyed by WeChat's e-commerce ambitions.Įditors' Note: This article has been updated to more accurately reflect the change in Tencent's stake in Pinduoduo. JD will likely remain China's biggest direct retailer for the foreseeable future, even as Tencent expands WeChat's e-commerce ecosystem. In other words, Tencent wants WeChat to become a top destination for online shopping - which could pull shoppers away from other stand-alone marketplaces like JD - and its desire to host more merchants could force JD and other retailers to rely more heavily on promotions to stay competitive on WeChat. Subscribe to Caixin Global starting at $0.99.During last quarter's conference call, Tencent President Martin Lau admitted many of Tencent's "investee companies" (including JD and Vipshop) are "also engaged in e-commerce platforms," but "building a stronger e-commerce ecosystem within WeChat is actually going to be synergistic to them" as more people grow accustomed to "buying products and services on WeChat." In recent years, China’s internet and tech giants have been looking to expand their financial services businesses, which range from payments to online lending, to generate more revenue and profit as growth in their core businesses slows.Ĭontact editor Michael Bellart quality journalism in China. It also offers an opportunity for JD Digits to tie up with Wanda’s vast network of offline resources, according to the sources. The planned acquisition of 99Bill is aimed at more than just obtaining the license. JD.com’s fintech affiliate seeks 20 billion yuan in Shanghai STAR Market listing The second license will allow JD Digits to expand that business nationwide. Earlier reports also suggested that PBoC might set up a digital exchange in Beijing. ![]() However, so far, it has already conducted several large-scale trials in its advanced pilot stage. ![]() China’s e-CNY is expected to witness a full-fledged launch by February 2022. The license allows JD Digits to provide card payment transactions services to merchants, though only within the borders of Beijing (link in Chinese). China has become the frontrunner when it comes to the global CBDC race. JD Digits already has a payment license, which JD.com acquired in 2012 when it purchased Chinabank Payments Technology Co. With the deal, JD Digits aims to make money by providing services for brick-and-mortar stores and small businesses, the sources said, rather than compete head on with Alipay and WeChat Pay in mobile payments, on which the two platforms have a lock. Ltd., one of China’s largest real estate conglomerates. Jingxi is an upgrade from its predecessor named JD.com Pinguo, which mostly targets Chinese female consumers and small-city shoppers with ultra low-priced items. Ltd., or JD Digits, aims to get the license by acquiring payment platform 99Bill Corp., which is currently controlled by Dalian Wanda Group Co. Chinese e-commerce giant JD.com Inc.’s fintech unit plans to spend 1.6 billion yuan ($230 million) to get its hands on a second payment license, sources familiar with the matter told Caixin, as it seeks to expand its growing financial services business for brick-and-mortar merchants.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |