Jio Fincl identifies key leadership for AMC JV with BlackRock - MD
This story was originally published at 22:00 IST on 30 August 2024
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MUMBAI – Jio Financial Services Ltd has identified key leadership for its asset management company joint venture with BlackRock and is in advanced stages of developing technology infrastructure and market strategy, Hitesh Sethia, managing director and chief executive officer of Jio Financial Services Ltd, said at their first annual general meeting.
While the initial joint venture was announced for an asset management company in July 2023, it was extended to wealth management and broking services in April this year, he said.
In December 2023, Jio Financial had announced the entry into the leasing services business, through an operating lease model called 'Device as a Service', or DaaS. "We expect this business to scale up further in the coming quarters," Sethia said.
He also said that they are in advanced stages of launching home loans, which have been rolled out in beta mode, and other products such as loan against property and loan on securities are in the pipeline.
Sethia also said that Jio Payment Solutions is well-positioned to leverage the potential of their growing digital economy by offering convenient payment solutions to online and offline merchants. He said that they have revamped the tech stack for merchant integration and service delivery for this business, which has in-principle approval from the Reserve Bank of India to operate as a payment aggregator.
"We are actively pursuing merchant tie-ups and partnerships with multiple banks and financial institutions to scale this business, with a focus on online merchants and specific cohorts in offline merchant segments," he said.
Shares of Jio Financial Services closed 1.2% lower at 321.70 rupees on the National Stock Exchange. End
Reported by Kshipra Petkar
Edited by Deepshikha Bhardwaj
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