Indian conglomerate Reliance Group is making its boldest move yet into consumer financial services with the launch of JioFinance, an app that aims to be a one-stop shop for UPI digital payments, loans and insurance.
Jio Financial Services, part of Indian tycoon Mukesh Ambani’s $232 billion Reliance, is entering India’s crowded fintech market with an app that offers a range of services from bill payments to digital banking and insurance advice – putting the conglomerate on a collision course with hundreds of startups as well as Google and Walmart’s PhonePe vying for a piece of the action.
His launch JioFinance app followed by Reliance, which leads the country’s retail and telecom markets, spending years getting its home ground to play seriously in India’s competitive financial services market. The launch of the app marks a “significant step forward” in the company’s “digital transformation journey to improve the financial well-being of every Indian,” Reliance said in a statement.
Jio Financial said the app – which also allows users to open digital bank accounts with Jio Payments Bank – will also offer collateral-backed lending and credit services such as mutual funds.
Jio Financial was a little-known, non-banking finance subsidiary of Reliance Industries until the group spun off the unit and listed it last year. Reliance still owns more than 80% of the company.
In the past year, Jio Financial has entered into several new ventures and signed agreements with industry titans. It has partnered with BlackRock to offer wealth and asset management services.
Jio Financial said in its recent annual report that it was using alternative data models for personalized offers to reduce costs and customize interactions.
