19 hrs ago
Jio Financial Services Targets 100 Million Customers, Expands Offerings
Jio Financial Services wants to serve many more customers.
It currently has about 25 million customers.
The company hopes to reach 100 million customers over the next year.
It plans to offer more lending, investment, insurance and payment services.
Jio Financial Services will use its digital network and partnerships to grow.
It is working with BlackRock on a stock-broking service.
It is also working with Allianz on insurance products.
A related company has started a service to help Indian exporters receive payments from other countries.
This service uses virtual accounts, international cards and local payment systems.
Jio Financial Services aims to grow its customer base from 25 million to 100 million over the next year.
CEO Hitesh Sethia said the target represents more than tripling or nearly quadrupling current customers.
The company plans to expand lending, investments, insurance and payments through its digital ecosystem.
Jio Financial Services is preparing to launch stock broking with BlackRock and develop insurance products with Allianz.
Jio Payment Solutions Ltd has launched cross-border payments for Indian exporters after receiving Reserve Bank of India authorization.
- Who
- Jio Financial Services, led by CEO Hitesh Sethia, and its subsidiary Jio Payment Solutions Ltd.
- What
- Jio Financial Services plans to expand its customer base and financial products, while Jio Payment Solutions has launched cross-border payments for exporters.
- Where
- The expansion involves Jio Financial Services’ digital ecosystem, while the payments service supports Indian exporters receiving international payments.
- When
- The customer target is for the next year; the cross-border payments service was launched after authorization from the Reserve Bank of India.
- Why
- To scale financial services and simplify international payment collection, currency management, compliance and reconciliation.
Key facts
- Current customer base
- 25 million
- Target customer base
- 100 million over the next year
- Planned services
- Lending, investments, insurance, payments and stock broking
- Stock-broking partner
- BlackRock
- Insurance partner
- Allianz
- Cross-border payments operator
- Jio Payment Solutions Ltd
- Authorization
- The Reserve Bank of India authorized Jio Payment Solutions Ltd to operate as a payment aggregator for cross-border transactions
Sources
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