Indian conglomerate Reliance Group is making a significant move into financial services with the introduction of JioFinance, an application designed to serve as a comprehensive solution for digital payments, loans, and insurance.
Jio Financial Services, a subsidiary of Mukesh Ambani’s Reliance, announced that the app will enable users to pay bills, access digital banking services, and obtain insurance advice.
The launch of JioFinance comes after years of strategic preparation by Reliance, aimed at making a substantial entry into India’s competitive financial services sector, hoping to emulate its previous success in disrupting the telecom and retail markets in the country.
Jio Financial Services also disclosed that the app would eventually extend to offer lending and credit services, secured by collateral such as mutual funds.
This story is developing. More details to follow.
