China Fintech — JD Finance Turns First Quarterly Profit

JD Finance has turned its first quarterly profit, Richard Qiangdong Liu, founder and CEO of JD, said in an internal email in January. (Source in Chinese)

95% of work activities of its financial services operations have been automated. The company claims to have had 360 million users.

JD Shanfu, the NFC-based mobile payment service JD launched in July 2017, claims to has the biggest market share in NFC payments. JD Shanfu was the first third-party payment service to get integrated into QuickPass, the internet-based payment platform of China UnionPay which is the leading player in NFC-based payments. The mobile devices that support the China UnionPay’s NFC payment platform include iPhone, Apple Watch, Huawei phones and Xiaomi phones.

Baitiao (白条), the virtual revolving credit line available to JD shoppers, has begun turning profits. JD Finance’s big data-based credit assessment system has scored more than 300 million shoppers.

Baitiao Shanfu, a credit line for bank accounts that support the China UnionPay payment program, has been available with more than 19 million POS machines at over 8 million physical businesses across China.

The co-branded credit card program of Baitiao has launched 15 products in conjunction with several local commercial banks. The total applications have surpassed 10 million. JD Finance provides data and technologies to help banks improve decisioning process. These banks have seen approval rates increased by ten times and costs lowered by 70%, according to the JD founder. (Source in Chinese)


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