Thailand's KBank, Central JD Fintech launch one-stop digital loan app

They expect around 100,000 loan applications to be approved by 2021.

Central JD Fintech Holding—a fintech and digi-lifestyle company under Thai retailer Central Group—has partnered with KASIKORNBANK (KBank) to launch the Dolfin Money I KBank, a one-stop digital loan service available via the Dolfin app, according to a press release. 

Using the app which is launching on 1 December, customers can apply for a loan with no collateral or income documents required and can use the loan immediately after it is approved within five minutes.

Customers can also withdraw cash, transfer money to an account, and shop at leading stores under the Central Group using a QR code payment method.

“There is ample room for growth in the digital personal loan business. In Q2, of the total $1.58b (THB428b) in personal loans approved by financial institutions and non-bank financial service providers, only $395.77b (THB12b) or 0.2% were digital personal loans,” noted Patchara Samalapa, KBank president.

Central JD Fintech and KBank expects around 100,000 loan accounts to be approved, with credit limits totaling around $98.4b (THB3b) sometime within 2021.

($1 = THB30.32)