Mukesh Ambani, the Chairman of Reliance Industries Ltd. and the richest man in Asia, revealed on Monday that his company is venturing into the domains of blockchain and central bank digital currencies (CBDCs).
This is part of Reliance’s expansion into the financial sector through its newly launched entity, Jio Financial Services (JFS), which has partnered with BlackRock (BLK), the world’s largest asset manager.
Reliance has been a key driver of India’s digital transformation and announced its latest initiative at its annual general meeting, the most awaited event of the year.
Ambani said that JFS will offer a comprehensive payment solution for both consumers and merchants, enhancing the digital adoption in India.
He added that JFS will not only compete with the existing industry standards, but also explore innovative features such as blockchain-based platforms and CBDCs.
