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Indian conglomerate Reliance Group is make its bold consumer - face move yet into financial Robert William Service with the launch of JioFinance , an app that aims to be a one - closure workshop for UPI digital payments , loans and indemnity .
Jio Financial Services , part of Indian tycoon Mukesh Ambani ’s $ 232 billion Reliance , is muscle into India ’s crowded fintech market place with an app that offers a range of help , from billhook payments to digital banking and policy advisory — putting the empire on a collision course with C of startup as well as Google and Walmart ’s PhonePe vying for a objet d’art of the action .
The launch ofJioFinance appfollows Reliance , which leads the nation ’s retail and telecommunication markets , spending age getting its business firm so as to make a serious gambling for India ’s private-enterprise fiscal services market place . The app ’s launch stigmatise a “ significant step forwards ” in the fellowship ’s “ digital shift journey to heighten fiscal well - being of every Indian , ” Reliance say in a statement .
Jio Financial said the app — which also earmark users to open digital bank accounting with Jio Payments Bank — would finally also offer lending and credit entry services backed by collateral such as common funds .
Jio Financial was a little - known , non - bank fiscal subsidiary of Reliance Industries until the conglomeratedemerged the unitandlisted it last year . Reliance still owns more than 80 % of the society .
In the past year , Jio Financial has entered into several unexampled business and inked trade with industry titans . It has partner with BlackRock tooffer riches and asset management services .
Jio Financial said in its late one-year report that it was using alternate data exemplar for personalized offerings to cut cost and tailor interactions .
