With this, Aditya Birla Capital claims to have become the first financial services company to integrate all the three key offerings – lending, insurance, and investments – on ONDC
Under the collaboration, ABCL’s offerings will be available on ONDC via multiple buyer apps, enabling users to access financial products without downloading additional applications
Launched in 2021, ONDC is an open network for the exchange of goods and services over digital networks, and claims to be online in over 611 cities
Aditya Birla Capital has reportedly announced the integration of all its three core services – lending, insurance, and investments – on the Open Network for Digital Commerce (ONDC).
With this, Aditya Birla Capital Ltd (ABCL) claims to have become the first financial services company to integrate all the three key offerings on the state-backed network. As per the Times of India, ABCL said that the move aims to simplify access to financial products on the platform and enhance user experience.
“In recent years, India’s digital public infrastructure has expanded rapidly, creating open and interoperable networks. Our integration with ONDC will help us reach ‘Bharat’ to fulfil the financial needs and aspirations of consumers who may have previously lacked access to formal credit, insurance, and investment opportunities,” said ABCL CEO Vishakha Mulye.
Commenting on the partnership, ONDC CEO Thampy Koshy said, “Aditya Birla Capital’s integration shows their commitment to democratising financial products. This step diversifies ONDC’s offerings and strengthens its mission of financial inclusion”.
Under the collaboration, ABCL’s offerings will be available on ONDC via multiple buyer apps, enabling users to access financial products directly without downloading additional applications. On the other hand, the network will be able to add more players to fuel its fintech play.
It is pertinent to note that ONDC has been building infrastructure for credit, insurance, and investments for some time now. As part of the early pilot for credit integration, it partnered with ABCL.
In addition, ABCL’s other entities such as Aditya Birla Health Insurance and Aditya Birla Sun Life AMC have deployed health insurance and mutual fund offerings, respectively, on the state-backed network.
This comes barely a week after CEO Koshy claimed that the number of transactions on ONDC have risen nearly three-fold since December last year, adding that the network plans to scale the number by another 7X-8X by December 2025.
Launched in 2021, ONDC is an open network for the exchange of goods and services over digital networks. It claims to be online in over 611 cities with 200 apps.
In June, ONDC established a working committee consisting of fintech industry experts to define a protocol for the onboarding and integration of sellers and industry players. Subsequently in August this year, ONDC made its fintech foray with the launch of credit offerings in partnership with Easypay, Paisabazaar, Tata Digital, Invoicepe, Cliniq360, among others.
In October, the platform also witnessed its first mutual fund transaction in partnership with asset management company (AMC) Nippon India Mutual Fund and online trading and investment platform Appreciate.
