Jio Finance to have a digital-first approach, says Mukesh Ambani

Reliance Industries Limited (RIL) chairman Mukesh Ambani on August 28 said that Jio Financial Services (JFS) will have a digital first approach and will democratise financial services for Indians. Ambani also said that JFS plans to enter the insurance industry, potentially partnering with global players.

“JFS digital-first approach to increase financial services penetration and democratise financial services for 1.4 bln Indians, Ambani said.

Also read: Jio Financial, BlackRock team up to launch digital first investment solutions

Further, Larry Fink, Chief Executive Officer (CEO), BlackRock said Jio Financial Services (JFS) and BlackRock will work on introducing digital first investment solutions in India.

"We see growing financialisation and a shift from unmanaged and physical assets to saving and investing, and we expect this to increase as per-capita GDP continues to rise and technology advances digital inclusion. There is unprecedented opportunity to transform the asset management industry by introducing a full-service tech enabled asset manager with affordable and transparent investment products to meet the needs of every segment of the society,” Fink said.

Fink said that both companies have a shared vision to create better financial futures, and will deliver the combined expertise and scale to unlock the power of investing for millions of people in India.

At the time of filing this copy, shares of JFS were trading at Rs 210.10, down by 2.05 percent while benchmark equity index Sensex was trading Rs 64,996.60.