Mukesh Ambani’s Reliance Jio Infocomm is likely to enter mutual funds space and offer other financial products in the country through its digital payments platform JioMoney.
Mukesh Ambani’s Reliance Jio Infocomm is likely to enter mutual funds space and offer other financial products in the country through its digital payments platform JioMoney, Mint reported, citing people aware of the development.
“Reliance Jio has been working on rolling out financial services for a few months now. We expect a launch next year," a senior executive of a financial services firm aware of Jio’s plans told Mint. Further, a Reliance Jio official requesting anonymity told the paper that the company has been beta-testing its offering among employees for a few quarters now.
Meanwhile, a CEO at a mutual fund told Mint that formal discussions have not been held with Reliance Jio so far for distribution.
“Reliance Jio has been recruiting for its mutual fund segment. The emphasis is on digital-savvy candidates with sound financial knowledge, Mint quoted a senior executive of an executive search firm as saying.
JioMoney currently facilitates donation, digital payments, and phone recharges, among other services.
RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com
First Published: IST