The entire globe has jumped on the central bank digital currency [CBDC] wagon. India has been making strides in the same. Now, it seems to be receiving aid from Asia’s richest man, Mukesh Ambani, and his company Reliance Industries Ltd. At Reliance’s yearly general meeting, Ambani spoke about CBDCs. He confirmed that the company’s financial services arm, Jio Financial Services [JFS], will delve into cutting-edge technologies like blockchain-powered platforms and CBDC to enhance its offerings. JFS was launched earlier this month. He further said,
“JFS products will not just compete with current industry benchmarks but also explore pathbreaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times.”
During the initial trial phase in February 2023, another division of Reliance, namely Reliance Retail, commenced the acceptance of India’s CBDC. It should be noted that it happened to be the country’s largest retail chain. However, the recent announcement further indicated an elevated level of interest in this domain. Reliance, under Ambani’s leadership, has held a significant role in India’s digital advancement narrative. Its recent expansion into CBDCs and blockchain is expected to boost the usage of the digital rupee.
Jio x BlackRock
Larry Fink, the CEO of the global asset management firm BlackRock, also appeared in the meeting. He stated that Jio Financial Services and BlackRock will collaborate to introduce investment solutions that prioritize digital platforms in the Indian market. Fink said,
“JFS and BlackRock together aim to transform through digital-first offering and democratization of access to affordable investment solutions throughout India.”
Fink further emphasized the ongoing shift in consumer behavior. He noted that people are progressively transitioning from unmanaged tangible assets to embracing prospects for savings and investments. He envisions that this pattern will gain further momentum with the growth of per-capita GDP. Alongside, the continuous advancement of technology and fostering greater digital inclusivity are also pertinent.