Reliance Industries Ltd’s financial services subsidiary, Jio Financial Services (JFS), has announced plans to leverage cutting-edge technologies such as blockchain-based platforms and Central Bank Digital Currency (CBDC) for its range of financial products. The move is aimed at furthering the adoption of digital services, enhancing the accessibility of financial solutions, and democratizing financial services for a wide user base.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, highlighted JFS’s focus on expanding its financial offerings with a digital-first approach. The aim is to simplify products, lower costs, and extend the reach of financial services, particularly to small and medium-sized enterprises (SMEs), merchants, and self-employed entrepreneurs.
Ambani emphasized that JFS’s commitment is to cater to the financial needs of approximately 1.42 billion Indians by providing them with innovative, affordable, and user-friendly financial products and services. The company envisions creating a robust ecosystem that promotes ease of doing business by facilitating borrowing, investments, and payment solutions.
The newly-listed Jio Financial Services recently made its market debut following the demerger of Reliance’s financial services business. It has already entered a strategic partnership with investment behemoth BlackRock to enter the Indian asset management sector. Both entities will jointly own a 50% stake in the newly established digital-first entity, Jio BlackRock.
JFS will not only focus on asset management but will also extend its offerings to encompass the payments and insurance sectors within India. The company’s initiatives are aligned with the rapidly evolving landscape of digital finance, and it aims to harness blockchain technology and CBDC for innovative financial solutions.