In Markets and Central Group form partnership in Thailand - Retail in Asia and Central Group have formed a $500-million joint venture in e-commerce and financial technology, as China’s second biggest e-commerce company seeks to boost its presence in Southeast Asia with help from the leading Thai retail group.

Each company will contribute $250 million to the venture, the two companies said.

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The partnership will help expand its overseas business to take on Alibaba Group and Amazon in Southeast Asia, specifically in markets beyond Indonesia.

“Working with Thailand’s strongest retail conglomerate, with a massive shopping mall and department store network, gives us a huge competitive advantage as we expand further into Southeast Asia,” said CEO Richard Liu, in a statement.

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In detail, will provide technology and logistics support to the venture, while Central will lend its merchant relationships, brand recognition and customer insight collected through its loyalty programs.

Rumours of a potential deal first emerged back in August. The news follows’s stepping up of services across Southeast Asia, such as quick delivery in Singapore.

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