Jio Financial Services Banks on Blockchain and CBDC

• Mukesh Ambani, highlighted JFS’s strategic orientation during the annual general meeting.
• JFS intends to include blockchain-based platforms and CBDC into their products.

Jio Financial Services (JFS), a subsidiary of Reliance Industries Ltd, is taking a technologically-driven approach in expanding its product offerings by exploring blockchain-based platforms and CBDC. 

Mukesh Ambani, Chairman and MD of RIL, highlighted JFS’s strategic orientation during the company’s annual general meeting. Ambani said JFS wants to become a household brand in the payments industry by serving customers and businesses alike and promoting digital adoption.

Strategic Move

Most notably, JFS intends to include blockchain-based platforms and CBDC into their products. Using a digital-first approach, the newly listed subsidiary’s primary objective is to broaden access to financial services. The goals of this plan are to make goods easier to use, save costs, and reach more people.

Jio Financial Services, which was spun out from RIL’s financial services division last year and became public earlier this month, is the vehicle via which the company has entered the financial services industry.

To join the Indian asset management market, JFS has already formed a crucial agreement with investment behemoth BlackRock. As a result of this collaboration, Jio and BlackRock have joined forces to establish Jio BlackRock, a digital-first company in which each company owns 50%.

Moreover, in February of this year, Reliance Retail, a division of RIL, began accepting retail payments in digital rupee, a move that might help accelerate the spread of India’s newly adopted CBDC.

In light of Reliance’s declaration, India is delving further into the crypto and blockchain scene. Indian PM Narendra Modi recently emphasized the need for international collaboration in setting cryptocurrency legislation during his speech at the Group of 20 (G20) summit.

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