Ambani fires opening salvo in fintech battle, launches JioFinance app

Indian conglomerate Reliance Group is making its boldest consumer-facing move yet into financial services with the launch of JioFinance, an app that aims to be a one-stop shop for digital payments, loans and insurance.

The app, currently in beta, will allow users to pay bills, access digital banking services and receive insurance advice, Jio Financial Services said in a statement.

Jio Financial Services, part of Indian tycoon Mukesh Ambani’s Reliance Group, said the app would eventually offer lending and credit services backed by collateral such as mutual funds. This marks Ambani’s clearest move yet to grab a slice of India’s fast-growing fintech market.

This story is developing. More to follow.