Ambani’s Reliance launches opening salvo in fintech battle and launches JioFinance app

Indian conglomerate Reliance Group is taking its boldest step yet into consumer financial services with the launch of JioFinance, an app that aims to be a one-stop shop for digital payments, loans and insurance.

Jio Financial Services, part of the Indian tycoon Mukesh AmbaniReliance is making inroads into India’s crowded fintech market with an app that offers a range of services from bill payments to digital banking and insurance consultancy, putting the conglomerate on a collision course with hundreds of startups vying for a share of the action.

The launch of the JioFinance app follows Reliance spending years building its own home to make a serious play for India’s competitive financial services market, aiming to replicate its success in disrupting the telecom and financial services industries. country retail.

Jio Financial said the app will eventually also offer lending and credit services backed by collateral like mutual funds.

Jio Financial was a little-known non-banking financial subsidiary of Reliance Industries until the conglomerate was created split the unit AND I listed it last year. Reliance still owns more than 80% of the company.

Over the past year, Jio Financial has started several new businesses and signed deals with industry titans. He partnered with BlackRock for offer wealth and asset management services.

Jio Financial said in its recent annual report that it is using alternative data models for personalized offers to reduce costs and personalize interactions.

This story is developing. More to follow.

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