J Ventures Co, a fintech platform developer under SET-listed Jay Mart Plc, has launched a digital lending analytics service to tap as many as 40 million people who cannot access normal financial sources.
The move will also give Thailand an analytic credit-scoring system for lending that can compete with other global platforms such as Alibaba, which uses e-commerce data to offer lending services to online shoppers and merchants.
J Ventures' Mr Thanawat (right) with Microsoft's Mr Thanawat at the signing.
Some 40 million people in Thailand lack a fixed income and have no access to financial services, said J Ventures chief executive Thanawat Lertwattanarak.
To prepare for the service, J Ventures plans to embrace big data analytics and artificial intelligence to scrutinise personal data and assign credit scores.
To date, the company has used US$20 million in funds raised through the JFin coin ICO to build the digital lending analytics platform.
Starting today, the company will introduce the Pah mobile app (www.pahpays.com) and a chatbot integrated with Facebook to assist those seeking loans.
The company's analytic credit scoring will gauge the creditworthiness of each applicant for personal loans from JFintech by Jay Mart or quick loans from Fast Money.
Unlike the National Credit Bureau, the service will collect multidimensional data on purchasing power, spending behaviour and social media habits, Mr Thanawat said.
The platform supports the company's plans to provide peer-to-peer lending service once the Bank of Thailand grants a licence, likely by next October.
To prepare for peer-to-peer lending, J Ventures yesterday signed a memorandum of understanding to embrace blockchain technology from R3, a distributed database company based in New York, and cloud service from Microsoft to provide a decentralised digital lending platform (DDLP).
Blockchain-based technology is meant to ensure a trustworthy and secure platform for JFin coin holders to validate/witness two-party transactions.
JFin coin holders who validate transactions will get a share of the loan fee with J Ventures.
Mr Thanawat said J Ventures hopes to list on the Market for Alternative Investment by 2020.
Microsoft Thailand managing director Thanawat Suthampan said the tech giant's cloud-based service to support DDLP with blockchain technology will beef up the security of high-value transactions.
