Indian conglomerate Reliance Group is making its boldest consumer-facing move yet into 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 Indian tycoon Mukesh Ambani’s Reliance, said the app will allow users to pay bills, access digital banking services and receive insurance advice.
The JioFinance follows Reliance spending years getting its house in order to make a serious play for India’s competitive financial services market, aiming to replicate its success in disrupting the country’s telecoms and retail industries.
Jio Financial Services said the app would eventually also offer lending and credit services backed by collateral such as mutual funds.
This story is developing. More to follow.
