Ambani’s Reliance launches opening salvo in fintech battle and launches JioFinance app

Indian conglomerate Reliance Group is taking its boldest consumer-facing step yet into financial services with the launch of JioFinance, an app that aims to be a one-stop shop for digital payments, loans and UPI insurance.

Jio Financial Services, part of Indian tycoon Mukesh Ambani’s $232 billion Reliance, is making inroads into India’s crowded fintech market with an app that offers a range of services, from bill payments to digital banking and insurance consultancy, putting the conglomerate on a collision course with hundreds of startups vying for a piece of the action.

The launch of JioFinance application it follows Reliance, which leads the domestic retail and telecom markets, spending years building its own footprint to make a serious play for 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 eventually also offer lending and credit services backed by collateral such as mutual funds.

Jio Financial was a little-known non-banking financial subsidiary of Reliance Industries until the conglomerate was created split the unit AND I listed it last year. Reliance still owns more than 80% of the company.

Over the past year, Jio Financial has started several new businesses and signed deals with industry titans. He partnered with BlackRock for offer wealth and asset management services.

Jio Financial said in its recent annual report that it is using alternative data models for personalized offers to reduce costs and personalize interactions.

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