Jay Mart targets JFin uptake
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Jay Mart targets JFin uptake

Token to attract new clients, boost income

JFin coins will serve as a token for buying services from Jay Mart and its units.
JFin coins will serve as a token for buying services from Jay Mart and its units.

SET-listed Jay Mart is gearing up for mass adoption of its JFin coins, which can serve as a tool for customers using the token to purchase services from the company and its subsidiaries.

The company also aims to provide the coin to 5,000 employees under an employee token ownership plan (ETOP) as well as 4,000 sales agents for the first time in the country.

The company said the move would be a boon for its business and add trade value to JFin coins.

Jay Mart chief executive Adisak Sukumvitaya said the push could draw more than 1 million new customers and raise income by 70 million baht a month.

Jay Mart conducts retail and wholesale sales of mobile phones and related products and has expanded through subsidiaries to debt management and collection, financial leasing and lending, as well as asset management.

The company has set aside about 2 million baht for marketing a month, equivalent to 582,500 JFin coins.

Some 3.4 million baht has been earmarked for a subsidy of 342,500 JFin coins given to its employees every month. The ETOP will be based on staff performance and years worked, Mr Adisak said.

In 2018, Jay Mart created 300 million JFin coins through its subsidiary J Ventures. It sold 100 million tokens in the first 55 hours through an initial coin offering (ICO), with 2,200 buyers acquiring the tokens.

Jay Mart earned 660 million baht from the ICO set at 6.6 baht per coin, the first ICO for a SET-listed firm.

ICO transactions are similar to crowdfunding, whereby an issuer presents a business model to investors. The difference is that raised funds are in the form of digital currencies using blockchain technology and the deals are enforced using smart contracts.

The company plans to use blockchain technology to provide loans to people spurned by banks for reasons such as bad credit history to low income.

The price of JFin coins has risen to 10 baht, said Mr Adisak.

For mass JFin coin adoption, the company will promote 28 marketing campaigns through seven subsidiaries, including seven campaigns targeting Jay Mart's employees.

"The mass adoption of JFin coin as a marketing tool is a new chapter for the marketing campaign," he said. "The move would strengthen the company's business ecosystem, including enhancing demand and supply of the coins."

Jay Mart has 200 million JFin coins it has not issued to the market and has no plans for new investment projects.

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