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.
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