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: Xiaomi Vice Chairman Promises Not Sell More Stock After Selling Over $1 Billion in Company Shares; Global First as Potential Nasal Spray Covid-19 Vaccine Proceeds to Clinical Trial Phase; JD.com’s Fintech Unit Plans to Spend $230 Million to Get Second Payment License

LATEST: Trending in China: Medical Drama Salutes Pandemic Heroes but Stirs Sexism Debate; Trending in China – Can Universities Stop Students Wasting Food And Keep Them Happy?; Alibaba Unveils Delivery Robot to Meet ‘Last-Mile’ Demand; Alibaba Launches Palm-Sized Cloud Computer With ‘Almost Unlimited Computing Resources’; China’s National Science Academy Vows to Close Tech Gaps in 10 Years; Trump’s WeChat Ban May Face Temporary Halt by U.S. Judge; Tencent Clinches Deal to Show England’s Premier League in China; Alibaba Unveils ‘Digital Factory’ as Part of Its ‘New Manufacturing’ Strategy; Trending in China: Basketballer Jeremy Lin - Dream Chaser or Delusional? Netizens Divided as Star Leaves CBA for NBA; Trending in China – The Case of the ‘Missing’ iPhone12; Kuaishou Logs 500 Million Online Shopping Orders in August; U.S.-Listed Chinese Delivery Firm ZTO Express Plans to Raise Up to $1.6 Billion in Hong Kong Secondary Listing; Xiaomi Vice Chairman Promises Not Sell More Stock After Selling Over $1 Billion in Company Shares; Autohome Plans $1 Billion Hong Kong Second Listing; Video Streamer iQiyi Kicks Up Its Sports Game with FC Barcelona Tie-Up; Global First as Potential Nasal Spray Covid-19 Vaccine Proceeds to Clinical Trial Phase; JD.com’s Fintech Unit Plans to Spend $230 Million to Get Second Payment License; Trending in China – A Fight Over Steamed Buns Causes Netizens to Ask Whether Traditional Brands Can Survive in the Modern Era; Loss Making Evergrande’s Electric Vehicle Subsidiary to Raise $516 Million from Investors Including Tencent; Kai-Fu Lee’s Remarks Set Off Firestorm Over Facial Recognition

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