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Tag: Jaymart

  • Jaymart cryptocurrency to “feel lovely” in launching day

    Jaymart cryptocurrency to “feel lovely” in launching day

    Thailand’s J-Ventures, a subsidiary of electronics retailer Jaymart, is to launch a cryptocurrency on Valentine’s day as means of raising US$20 million.

    There are no clear regulations in Thailand at this time relating to cryptocurrencies, which can be traded on the Thailand Digital Asset Exchange (TDAX) and Thailand Bitcoin Exchange (BX).

    J-Ventures says it will hold an ICO (Internet Coin Offering) of 100 million JFin tokens, each with a face value at launch of 20 cents, from February 14 to 28.  A further 200 million virtual tokens will be kept in reserve for later use.

    The Jaymart cryptocurrency will be accepted as currency in Jaymart stores and traded on the two exchanges.

    The funds raised in the offering will be used by another Jaymart subsidiary J Fintech to develop a digital lending platform using blockchain technology

    “Jaymart’s loan service business has a large growth potential,” explained J-Ventures CEO Thanawat Lertwattanarak. “Therefore, we need to create an ecosystem, develop a customer database and provide a new channel for people to access loans more easily.”

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  • Jay Mart snaps up Singer stake

    Jay Mart snaps up Singer stake

    Thailand’s listed electronics and debt assortment firm Jay Mart has purchased a 25 per cent stake in Singer Thailand.

    Retail Holdings NV (Thailand) BV on Monday revealed it had bought its 40 per cent stake in Singer Thailand to a gaggle of buyers for US$44.eight million. The Bangkok Submit subsequently reported nearly all of that funding, equal to 24.9 per cent of the enterprise, was acquired by Jay Mart and that the funding marks the corporate’s first step in the direction of turning into “a totally fledged nanofinance service supplier” giving it entry to Singer’s excessive curiosity mortgage enterprise.

    Retail Holdings stated its subsidiary Singer Thailand will proceed to have a royalty bearing license from the corporate to make use of the Singer model.

    Jay Mart CEO Adisak Sukhumwittaya stated the acquisition will assist his firm broaden all of its present companies quickly, particularly nanofinance and debt assortment, by means of Singer’s distribution channels nationwide.

    Singer has 200 distribution retailers in Thailand, which can be merged with 250 Jay Mart distribution channels.

    Singer Thailand had income of roughly $105.6 million and attributable internet revenue of roughly $1.9 million for the yr ended December 2014. Apart from its house equipment enterprise, Singer operates cell phone recharging stations and petrol merchandising machines in Thailand.

    In the meantime, Retail Holdings retains its remaining operations, probably the most vital a 54.1 per cent fairness curiosity in Sewko/Singer Asia, a distributor of shopper sturdy merchandise in Bangladesh, Cambodia, India, Pakistan and Sri Lanka, with shopper credit score and different monetary providers; and the highly effective Singer trademark.