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Thai mobile distributor Jay Mart taps fintech to thrive in digital financial services
Bangkok Stock Exchange listed mobile distributor company Jay Mart is targeting on fintech companies and startups to embark on a transformation of its business, in order to boom in high margin digital financial services, Bangkok Post reported.
“We're not starting our fintech business from zero,” Adisak Sukhumvitaya, chief executive of Jay Mart, said. “We're determined to provide end-to-end digital financial services to capitalize on burgeoning demand and reduce our dependence on the handset business.”
The mobile distributor manages its business through its six subsidiaries including J Fintech, the provider of personal loans; J Ventures that develops technology and digital platform services; J Capital, a joint-venture investment arm in Myanmar; JMT Network Services, the provider of debt management and business loans; among others.
According to Adisak, J Fintech has 100,000 borrowers with a combined debt of 1.5 billion baht. He said that J Fintech and J Ventures and JMT Network Services will be the group’s major revenue generators in the next five years due to their high margins and growth potentials.
J Fintech offers personal loans between 10K to 50K baht to debtors and gives a maximum interest rate of 28% per year, under standards regulated by Bank of Thailand. Also, the fintech arm is expected to produce 250 million baht in revenue in 2016 and hoping to realize a profit on expected revenue of 750 million baht this year, as reported by BangkokPost.
Adisak also mentioned that J Ventures is developing an app that allows people to borrow money from J Fintech. This application can be downloaded through the App store for iOS and Play Store for Android devices.