India’s Reliance Group launches financial services super-app JioFinance
Jio Financial Services, a division of Indian conglomerate Reliance Group and founded by billionaire Mukesh Ambani, has launched a new financial super-app, JioFinance, as it looks to position itself to compete with fintech market leaders such as Tata Group, PhonePe, and Paytm.
Jio Financial Services launches new JioFinance app
Jio Financial Services states that the app, which has been launched in beta and is currently inviting “user input for refinement”, will provide users with a “consolidated view of accounts and savings” and enable customers in India to execute UPI transactions, settle bills, engage in digital banking, and access insurance advice, all within a single unified interface.
Looking ahead, Jio Financial Services has revealed that it intends to expand the app’s offerings to include loan solutions, with the aim to initially provide loans against mutual funds followed by the introduction of home loans.
Commenting on the launch, a company spokesperson says: “Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments, and transactions, and make financial services more transparent, affordable, and intuitive.”
The launch of JioFinance comes shortly after Jio Financial Services announced its collaboration with US asset management firm BlackRock in April to establish wealth management and brokerage services in India.
