JD.com’s Fintech Unit Plans to Spend $230 Million to Get Second Payment License

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: Zhipu Acquires $53 Million Beijing Office as AI Operations Expand; Chinese AI Robotics Startup TARS Raises $455 Million in Record Pre-A Round; Alibaba Unveils No-Code AI Tool to Build Apps in Minutes

LATEST: Chinese AI Robotics Startup TARS Raises $455 Million in Record Pre-A Round; Zhipu Acquires $53 Million Beijing Office as AI Operations Expand; Alibaba Unveils No-Code AI Tool to Build Apps in Minutes; McKinsey’s China Chief Explains Why Some Businesses Haven’t Reaped the Benefits of AI; Alibaba Unveils HappyHorse After AI Model Tops Video Rankings Under Alias; Satellite Maker Spacety Raises $190 Million to Advance IPO Plans; Alibaba Revamps AI Structure With New Tech Committee; Chinese Robotics Startup Spirit AI Raises $145 Million; Huawei Names Wang Tao Vice Chairman in Leadership Reshuffle; Space Pioneer’s Falcon 9 Rival Fails on Maiden Flight; Chinese Panel-Makers Report Solid Earnings in 2025 as Market Recovers; Alibaba Releases Qwen 3.6-Plus AI Model With Enhanced Coding Capabilities; ByteDance’s Volcengine Powers AI Growth with OpenClaw Partnership; Robot Startup Galaxea AI Raises $291 Million; TCL Tech to Buy Back Panel Unit Stake for $1.3 Billion; CAS Space Seeks IPO as China’s Reusable Rocket Race Heats Up; U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters; Optical Interconnect Maker Lightelligence Files for Hong Kong IPO; CAS Space Launches Reusable Rocket in China’s Satellite Push; DeepSeek Goes Out for 10 Hours Amid China’s AI Demand Surge

By Hu Yue and Luo Meihan / Sep 16, 2020 12:27 PM / Finance

Photo: VCG

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.

Jingdong Digits Technology Holding Co. Ltd., or JD Digits, aims to get the license by acquiring payment platform 99Bill Corp., which is currently controlled by Dalian Wanda Group Co. Ltd., one of China’s largest real estate conglomerates.

JD Digits already has a payment license, which JD.com acquired in 2012 when it purchased Chinabank Payments Technology Co. Ltd. The license allows JD Digits to provide services to merchants in regard to card payment transactions, though only within the borders of Beijing (link in Chinese).

The planned acquisition of 99Bill, however, is aimed at more than just obtaining a second license.

Read the full story here.

Contact editor Michael Bellart (michaelbellart@caixin.com)

Share this article

Open WeChat and scan the QR code