(Yicai Global) Feb. 13 -- JD.Com Inc. [NASDAQ:JD], China's second-largest online retailer, is applying for an insurance business license and may enter the market through an acquisition, founder Liu Qiangdong said. Its financial unit plans to launch securities, credit information and banking businesses.
Unlike traditional banks and insurers, the Beijing-based firm will not set up branches, local insurance brokerages or agencies, Liu said at a JD.Com operations meeting on Feb. 10. The company will develop offerings based on technology and Big Data it has accumulated on consumers. Now, it is rebuilding risk control, pricing and operating models using artificial intelligence.
The internet entrepreneur also set an ambitious goal for the next 12 years -- bringing JD.Com into the top 10 ranks of the Fortune 500 list. The online retailer was founded in 2004 and first made the list last year, ranking 366th.
Technology transformation will replace model innovation as the company's strategic priority in the next 12 years, he added. JD.Com will establish itself as an intelligent business operator in the finance and insurance sectors. Liu listed cloud computing, Big Data, AI, robotics, intelligent products and genetic engineering as key technologies.
"If JD doesn't change, redefine itself and thoroughly adapt its business model, our success will only last five to seven years," he said.