Chinese ecommerce business JD.com’s fintech unit will look to obtain a second payment licence.
In Brief:
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It will spend $230mn to gain the licence.
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JD.com plan to expand its growing financial services business.
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Although JD.com is an ecommerce business it wants to support brick-and-mortar merchants.
What does this mean?
JD Digits will try to obtain the licence by acquiring 99Bill Corp. It acquired its first payments licence in 2012 which allows it to serve merchants for card transactions but only within Beijing.
