Indian conglomerate Reliance will spin off and list its financial services, a move that it said will allow the oil-to-telecom giant to enter and expand into financial services such as consumer and merchant lending business and also build fintech for “all Indians.”
Reliance, run by billionaire Mukesh Ambani, said in a statement that it will be incubating, acquiring and inking joint ventures in the new unit, which is called Jio Financial Services, to broaden its offerings to add insurance, payments, digital broking and asset management.
It plans to offer lending based on proprietary data analytics to complement and supplement the traditional credit bureau-based underwriting.
“JFS will be a truly transformational, customer centric and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians,” said Ambani in a statement late Friday.
“JFS will be a technology-led business, delivering financial products digitally by leveraging the nation-wide omni-channel presence of Reliance’s consumer businesses. JFS is uniquely positioned to capture multiple growth opportunities in financial services bringing millions of Indians into formal financial institutions.”
(More to follow)
Reliance to hive off and list Jio Financial Services by Manish Singh originally published on TechCrunch