- The Jio Financial Service partnership will provide innovative digital solutions to customers.
- BlackRock made its re-entry into the Indian asset management industry after five years.
Reliance Industries’ financial services arm, Jio Financial Services (JFS), has announced its partnership with the US-based firm BlackRock to launch asset management services in India. The joint venture will run on 50:50 ownership to offer investment solutions. Moreover, both firms will make an initial investment of $150 million each in the partnership.
Over the past, Indian asset management has experienced massive growth and significant development, accumulating over $540.4 billion in assets under management. Adding to that, JFS aims to launch asset management services by partnering with BlackRock.
BlackRock is an investment management firm based in the United States, with $9 trillion under asset management. Highlighting that, BlackRock has recently expressed its interest in the crypto industry by filing a Bitcoin ETF with the U.S. SEC. On July 26, Jio Financial Services released a joint statement with BlackRock announcing that the Joint venture Jio BlackRock will deliver tech-enabled access to affordable and innovative investment solutions for Indian investors.
BlackRock Re-enters India With Jio Financial Service
According to the reports, the partnership will introduce a new player to the Indian market with a unique scale, scope, and resource combination. Rachel Lord, Chair and Head of the APAC region at BlackRock stated that Jio BlackRock will place the combined strength and scale of both of its firms in the hands of Indian investors.
Through this joint venture with Jio Financial Service, BlackRock made its re-entry into the Indian asset management industry after five years. This is BlackRock’s second attempt to enter the Indian asset management industry after exiting its partnership with the local firm DSP Group in 2018.
Hitesh Sethia, CEO of Jio Financial Service, stated that the partnership will utilize BlackRock’s expertise in investment and risk management along with its technology capabilities. The Joint venture with Jio Financial Service marks a significant milestone for BlackRock as it expands its network in India. Moreover, the collaboration is expected to reshape the financial services landscape in India.
BlackRock is one of the firms waiting for the SEC’s approval to provide Bitcoin ETF services in the United States. Crypto enthusiasts have been wishing for the SEC to approve the Bitcoin ETF filing. That may result in a massive surge in the BTC trading price. Do you think they can offer exposure to Digital Assets/cryptocurrencies as well? Tweet us your thoughts @The_NewsCrypto
