Thailand’s Giant Mobile Phone Distributor to Drive Business with Blockchain and AI

Asia Blockchain Review
June 2, 2019

Jaymart, a company listed in the Stock Exchange of Thailand (SET) and a large distributor of mobile phones in the country, has stated that it will explore fintech opportunities and use artificial intelligence (AI) and blockchain to increase efficiency in its business operations.

According to English-language local news outlet Bangkok Post, Jaymart Chief Executive Adisak Sukumvittaya stated that by the end of 2019, J Ventures, a subsidiary of Jaymart, is expected to start using blockchain technology in facilitating peer-to-peer (P2P) lending services.

Meanwhile, earlier this month (May 2019), J Ventures announced that it will stimulate the use of its JFin coins through the use of the token as a method of good and services payment, rather than raising fund through new initial coin offerings (ICOs).

J Ventures Chief Executive Thanawat Lertwattanarak said, “[The company] will raise new funds whenever [the decentralized digital lending platform] is ready, which could be after 2020.”

Moreover, the firm disclosed its plan to launch seven projects to increase the use of JFin coins among its users by the end of this year

JFin coins are offered on two digital asset exchanges, Bitkub and Satang Pro, both licensed from the Thai regulator.

Jaymart’s operations included mobile phone distribution with branches nationwide, personal loan, direct sales and debt collection and management. Though the company reported a loss of 277 million baht in 2018, it projects to make a profit this year after earning 118 million baht in net profit in the first quarter of 2019.  

Source: www.bangkokpost.com


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