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Ambani launches JioFinance app in fintech war

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

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

Jio Financial Services, owned by Indian tycoon Mukesh Ambani’s Reliance Industries, said the app will eventually offer loans and credit backed by collateral such as mutual funds, in Ambani’s most explicit move yet to capture India’s fast-growing financial technology market.

This story is still developing. Stay tuned for more.

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