FinTech news in reliance category

Reliance Industries, run by billionaire Mukesh Ambani, said in a statement that it will be incubating, acquiring and inking joint ventures in the new unit, which is called Jio Financial Services, to broaden its offerings to add insurance, payments, digital broking and asset management. A fintech executive, who requested anonymity speaking about an adjacent business, said Reliance could hypothetically use its brand name to raise capital at some of the lowest cost in the country and then disburse loans and make good profits. Reliance Industries, which clocks a consolidated revenue of over $100 billion, operates the nation largest telecom network with over 420 million subscribers and runs the country’s largest retail chain with over 16,000 stores. Every Reliance shareholder will get one share of the new firm for each share they held in the parent firm, the company said.