- Reliance Industries Ltd., led by the richest person in Asia, Mukesh Ambani, is introducing its financial services arm.
- The move gained momentum with a partnership with BlackRock.
- The company has already begun accepting India’s digital rupee, but a full-scale launch is still pending.
Mukesh Ambani, the Chairman of Reliance Industries Ltd. and the richest person in Asia revealed on Monday that his company is stepping into the world of blockchain technology and central bank digital currencies (CBDCs).
Reliance Industries Ltd., under its newly established financial services arm called Jio Financial Services (JFS), has entered the financial sector. This move gained more momentum with the announcement of a partnership with BlackRock (BLK). Ambani’s company has played a pivotal role in India’s digital advancement, and the latest news about its exploration of CBDCs and blockchain technology was unveiled at the company’s annual general meeting, which is its biggest event of the year.
Mukesh Ambani stated, “Through JFS, we are enhancing our payment infrastructure, aiming to provide a convenient solution for both consumers and merchants, thereby encouraging the further adoption of digital services across India. Our products at JFS will not only rival the current industry standards but will also venture into innovative features like blockchain-based platforms and CBDCs. These products will prioritize the highest levels of security, compliance with regulations, and the safeguarding of customer transaction data.”
Although another subsidiary of Reliance, known as Reliance Retail, had already begun accepting India’s digital rupee or CBDC during its trial phase in February 2023, the recent announcement on Monday signals even greater interest in this evolving field.
India has already taken substantial steps toward the development of wholesale and retail CBDCs, though a full-scale launch is still pending.