By THE NATION
The Dolfin Intelligent Platform aims to offer five services, namely smart transaction, digital lending, digital insurance, wealth management and digital marketing in response to local trends and demands.
The first service launched through the app is digital payment and an e-wallet, which for the first time in Thailand, uses eKYC (electronic know-your-customer) technology for user verification with a combination of facial recognition and optical character recognition (OCR) to provide high-standard security.
The eKYC technology also transforms the lengthy offline user verification process into a fast and efficient online process.
Dolfin is also the first app to use an open-loop payment system, which supports top-up and online payment through all channels, including cash top-up, links between bank accounts, debit cards and credit cards, as well as PromptPay and over-the-counter payments. Every transaction is made more secure with the use of dynamic QR codes generated individually for one-time use in each transaction.
The app is already being used in 2,700 digital payment points nationwide in retail stores owned by the Central Group and cinemas owned by Major Cineplex Group. It can also be used to purchase goods and services via PromptPay at all 4.5 million PromptPay locations. The network of retailers also covers merchants on the Bangkok Bank and Kasikornbank’s platforms.
According to the “Thailand Fintech Outlook Report,” by Ernst and Young, a leading global market research consulting firm, Thailand's large underbanked population with high rates of mobile usage and Internet penetration, along with its strong macroeconomic growth make it the next fintech hub in Southeast Asia.
JD Digits first entered the Thai market in 2017 cooperating with Central Group to start a JV company to serve the Thai fintech market.
International market entry has always been an important strategic goal for JD Digits, and the company has invested significant funds, resources, technology and talent in support for deploying this strategy. Currently, JD Digits has operations in Indonesia, Thailand and Hong Kong, and is actively incubating innovative businesses and exploring models of cooperation with international organisations with an open, equal, and transparent attitude to bring better quality products and services to international markets.