China’s growing interest in Southeast Asia’s tech scene continued today as JD, arch-rival to Alibaba, revealed it’s making a massive move into Thailand.
The US$65 billion online retailer is setting up a US$500 million venture in Thailand that’ll focus on two things – shopping and personal finance.
“Thailand’s large population and developed infrastructure, including strong national logistics networks, give it tremendous potential for both ecommerce and fintech services,” said Richard Liu, JD’s founder and CEO.
Asia’s online shopping spree hit a record US$1 trillion in 2016, though most of that is from China – US$899 billion of it, to be precise.
Southeast Asia is a small slice of the pie, but it’s growing larger at a rapid clip, which makes it a tasty treat for companies looking to expand overseas.
Thailand’s online shopping spend is projected to reach US$5.7 billion in 2020.