Reliance Industries will spin off and list its financial services, allowing the oil-to-telecom conglomerate to enter and expand into financial services such as consumer and merchant lending, as well as build fintech for “all Indians.”
Reliance Industries, led by billionaire Mukesh Ambani, said in a statement that the new unit, Jio Financial Services, will incubate, acquire, and enter into joint ventures to broaden its offerings to include insurance, payments, digital broking, and asset management. To complement and supplement traditional credit bureau-based underwriting, it intends to offer lending based on proprietary data analytics. The company already lends to merchants and consumers through its wholesale business and retail stores.
