BlackRock and Jio form JV
BlackRock, the world’s biggest company for managing money, is teaming up with Jio Financial Services to start offering digital money services in India. This means they will use technology to help people with their money in the Indian financial market. On July 26, Jio Financial Services from India and BlackRock from America agreed to work together.
They want to put in a total of $150 million each to start this project. They plan to use BlackRock’s knowledge about investments and handling risks, along with Jio Financial Services’ know-how about technology and the Indian market, to create new digital money products.
Jio’s CEO, Hitesh Sethia, talked about this partnership. He said that they want to make it easy for every Indian to access good ways to invest and improve their financial situation.
BlackRock’s head of the Asia-Pacific region, Rachel Lord, also said that the way people are getting richer, the good demographics, and the changes because of technology are making the market change a lot. She said that India is a big chance for them to do something important.
In this partnership, Jio BlackRock, BlackRock will use its knowledge about investments and managing money, while Jio Financial Services will use its understanding of the local market and technology. Together, they will bring something new to India. They plan to put in $150 million each to make this happen.
The new company will have its own team in charge, and they will start working after they get the needed permissions from the government and other rules.