New Delhi: Mukesh Ambani-owned Reliance Industries’ financial arm Jio Financial Services on Thursday said it will launch the beta version of its JioFinance app with functionalities for UPI payments, digital banking and insurance. Jio Financial Services demerged from Reliance Industries and re-listed on indices.
Jio Financial Services app features
The app offers the following services:
UPI
Digital banking
Bill settlements
Insurance
Broad view of accounts and savings
Media Release – Jio Financial Services Ltd. unveils “JioFinance” App in a βeta version, marking a significant step forward in its digital transformation journey to enhance financial well-being of every Indian pic.twitter.com/QooHndq6t9
— Reliance Industries Limited (@RIL_Updates) May 30, 2024
JFS-Blackrock JV
JFS entered into a joint venture with US-based asset manager BlackRock to launch the asset management business line in India with an initial investment of $150 million, BlackRock has an AUM of over $8.5 trillion, making it one of the world’s largest asset managers. JFS aims to capitalise on the financial needs and savviness of one of the world’s youngest populace and the world’s most populous country.
With consumption expected to rise in India and more youngsters expected to join the workforce, there is growing awareness about investment in India. Zero- and low-brokerage platforms such as Zerodha and Groww have demonstrated the interest and efficacy of offering an affordable entry into markets for retail investors. “Our end goal is to simplify everything related to finance in a single platform for any user across all demographics,” said a company spokesperson. JFS aims to “make financial services more transparent, affordable and intuitive,” they added.
JFS share price
Jio Financial Services’ share price was down 0.34 per cent to Rs 348 apiece on Thursday.
The company’s share price was down 5.61 per cent in 5 days.
JFS’ stock was down 8.34 per cent on the month.
The company’s stock surged 54.32 per cent over 6 months
JFS’ share price gained 39.82 per cent in the past year
Mukesh Ambani-owned Reliance Industries’ financial arm Jio Financial Services on Thursday said it will launch the beta version of its JioFinance app with functionalities for UPI payments, digital banking and insurance. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
