BANGKOK, Sept 15 (Reuters) - JD.com Inc and top Thai retailer Central Group will form a $500 million joint venture in e-commerce and financial technology, the companies said, as China’s second biggest e-commerce company seeks to boost its presence in Southeast Asia.
The tie-up will help JD.com expand its overseas business beyond Indonesia to take on rivals Alibaba Group Holding and Amazon in Southeast Asia, where they are ramping up services such as a quick delivery in Singapore.
“Working with Thailand’s strongest retail conglomerate, with a massive shopping mall and department store network, gives us a huge competitive advantage as we expand further into Southeast Asia,” JD.com CEO Richard Liu said in a statement.
Reuters reported in August JD.com was in advanced talks for the joint venture. (Reporting by Chayut Setboonsarng; Editing by Amrutha Gayathri)