Mukesh Ambani, Asia’s richest man, is breaking ground in India’s $1.8 trillion financial sector.
His Reliance Industries Ltd. listed the conglomerate’s new financial services unit on Monday, paving the way to create the nation’s largest non-banking lender and reshaping the way financial services are delivered to small merchants and average Indians.
Although Reliance’s plans for Jio Financial Services are still in flux, the company ultimately wants to develop India’s version of WeChat, a super-app that centralizes online shopping, video streaming, digital financing and stock trading, people familiar with the plans have said. Jio Financial was recently valued at $20 ...
