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Subject: PDT

JD Digits Introduces Cutting-Edge eKYC Technology into Thailand


BANGKOK, Sept. 17, 2019 /PRNewswire/ -- Central JD Fintech Holding, a joint venture company owned by JD Digits, the leading innovator in digital technology, and Central Group, Thailand's largest retailer, officially launched Dolfin Intelligent Platform, an app offering digital finance solutions specially customized to the local Thai market.

The Dolfin Intelligent Platform, based on five complete intelligent services platforms, including smart transaction, digital lending, digital insurance, digital wealth management, and Digital Marketing, aims to respond to market trends and demands while offering unparalleled convenience to both individual and business users.

The first service launched through the Dolfin app offers digital payment and an e-wallet and revolutionizes the industry by being the first platform in Thailand to use eKYC (electronic Know-Your-Customer) technology for user identity verification during the registration process, combining the power of facial recognition and optical character recognition (OCR) to provide security of the highest standards.

It is also the first application to support an open-loop payment system, which supports money top-up and online payment through all channels - including cash top-up, connection to bank accounts, debit cards and credit cards, and PromptPay and Dolfin counters. Each and every transaction is made even more secure with the use of Dynamic QR Codes - generated individually for one-time use in each single transaction.

Dolfin can already be used at 2,700 digital payment points nationwide in retail stores owned by the Central Group and cinemas under Major Cineplex Group. Also, It can be used to purchase goods and services via PromptPay at all 4.5 million PromptPay locations.The network of supported retailers also covers merchants on Bangkok Bank and KASIKORNBANK's respective platforms ? both of which continue to expand with new partners both offline and online across the country.

Dolfin's launch is an important sign of JD Digits' entry into the global markets, showing the impact JD Digits and its technology can have on developing fintech in international markets. Furthermore, this launch also supports the Thai government goals of becoming a cashless society with world-class technology and security standards.

From Left to Right: Mr. Yol Phokasub, President of Central Group, and Director of Central JD Fintech Holding Ltd.; Mr. Rungruang Sukkirdkijpiboon, CEO of Central JD Fintech Holding Ltd.; Mr. Simon Li, Senor Director of Overseas Business of JD Digits, and Director of Central JD Fintech Holding Ltd.

First E-Wallet to Use eKYC Technology

Dolfin is the first e-wallet in Thailand to use eKYC technology for user identity verification during the registration process. This technology, jointly developed by JD Digits and Central JD Fintech holding, will transform the lengthy offline user identity verification process into a fast and efficient online process using the combined power of facial recognition and OCR (Optical Character Recognition) technology.

In developing Dolfin, JD Digits provided payment technology, anti-fraud and anti-money laundering capabilities, industry insights, facial recognition, AI, and big data analysis, and customized technical services according to the needs of the local market. By closely working with Central JD Fintech Holding to localize the processes and adjust the product experience to the preferences of Thai consumers, Dolfin has become a "dark horse," leading the local Thai mobile payment market, and is expected to experience even more local growth with the launch of the other intelligent services in the future.

Joint Venture Partner, Central Group is also cooperating to provide Dolfin with many retail outlets that can use Dolfin. Nearly 3,000 offline retail stores, including department stores, supermarkets, and the Family Mart Convenience stores owned by the Central Group will start to support Dolfin payment. Central Group's loyalty program, T1, will be linked to Dolfin payment.

In addition to offline payments, Dolfin now supports JD Central, a Thai online retail platform jointly created by JD.COM and Central Group. In the future Dolfin plans to partner with more online and offline retail outlets and banks to enrich the product experience.

Dolfin is Thailand's first app to use a full open-loop payment system that supports cash top-up, connections to bank accounts, debit cards, credit cards, as well as the Thai personal money transfer service across banks, "PromptPay," and QR code payments.

In addition to targeting Thai consumers, the Dolfin app provides AI and big data analytics-based precision marketing services to merchants, enabling them to understand consumer behavior and preferences, reduce management costs, and improve operational efficiency.

While currently most of Thailand's offline outlets are dominated by cash transactions, consumer demand for electronic payments is rapidly growing. In 2017, the Thai government introduced a national e-payment project with the goal of achieving a cashless society. The launch of Dolfin is an important sign that JD Digit is helping Thailand achieve their goals to become a cashless society.

JD Digit's Strategy for Going Global

According to the "Thailand Fintech Outlook Report," by Ernst and Young (EY), a leading global market research consulting firm, Thailand's large underbanked population with high rates of mobile usage and Internet penetration, along with its strong macroeconomic growth make it the next fintech hub in Southeast Asia.

JD Digits first entered the Thai market in 2017 cooperating with Central Group, one of Thailand's largest retailers to start a JV Company serving the Thai Fintech market. The two partners offer the Thai market more advanced financial technology solutions with the goal of providing safe and convenient financial services to Thai consumers.

International market entry has always been an important strategic goal for JD Digits, and the company has invested significant amounts of money, resources, technology, and talent in support for deploying this strategy. Currently, JD Digits has operations in Indonesia, Thailand, and Hong Kong, and is actively incubating innovative businesses and exploring models of cooperation with international organizations with an open, equal, and transparent attitude to bring better quality products and services to international markets.

SOURCE JD Digits


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News published on 17 september 2019 at 02:21 and distributed by: