Ambani’s Financial Services App to Take on Google, Amazon

Billionaire Mukesh Ambani’s Jio Financial Services has introduced a new super-app for digital banking and payment services that will take on competitors including Google and Amazon in a crowded Indian market.

The company announced the test version of its platform, named JioFinance, for UPI transactions, bill settlements as well as insurance related services. The financial arm of the oil-to-telecom conglomerate plans to expand into mutual fund loans and mortgage lending, it said in a statement Thursday.