Jio Financial Services To Explore Blockchain-Based Platforms, CBDC

Reliance Industries Ltd’s (RIL’s) financial services subsidiary Jio Financial Services (JFS) will explore new-age technologies such as blockchain-based platforms and Central Bank Digital Currency (CBDC) for its products.

Speaking about the newly-listed subsidiary during RIL’s annual general meeting, chairman and managing director Mukesh Ambani said, “In payments, JFS will ensure ubiquitous offering for both consumers and merchants, further driving digital adoption. JFS products will explore path-breaking features such as # blockchain-based platforms and CBDC.”

Ambani said that the newly listed company will increase the penetration of financial services with a digital-first approach that simplifies products, reduces cost, and expands reach.

“For tens of thousands of SMEs, merchants, and self-employed entrepreneurs, ease of doing business must mean ease in borrowing, investments, and payment solutions. JFS plans to democratise financial services for 1.42 Bn Indians, giving them access to simple, affordable, innovative, and intuitive products and services,” the RIL CMD said.

Last year, RIL announced the demerger of its financial services business and the spin-off of Reliance Strategic Investments as Jio Financial Services. JFS listed on the bourses earlier this month.

It has already tied up with investment giant BlackRock to foray into the Indian asset management space. The two companies will own a 50% stake each in the newly formed digital-first entity, Jio BlackRock.

“BlackRock is the world’s largest asset management company, managing assets worth over $11 Tn with a stellar reputation and track record. The JV will synergise the respective strengths of JFS and BlackRock to deliver tech-enabled, affordable and innovative investment solution,” Ambani said.

JFS will have products in the payments and insurance segments in India besides being in the asset management business, Ambani added.

Shares of JFS ended Monday’s session 0.28% lower at INR 211.65 on the BSE.

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