BlackRock, the biggest asset management in the world, has formed a collaboration to provide digital asset services to the booming Indian market.
Jio Financial Services (JFS) of India and BlackRock, the world’s largest asset manager, formed a partnership on July 26 to provide digital asset management services to the world’s second most populous country.
The Reliance Group, headed by billionaire Mukesh Ambani, includes Jio Financial Services. According to the Jio news statement, the two want to spend a total of $300 million at the outset.
The Financial Times reported on July 26 that BlackRock plans to build a “digital-first asset manager” to cater to India’s expanding investor base.
According to the article, Mukesh Ambani, a billionaire, plans to use his telecom and retail enterprises to help JFS become one of the top non-banking financing organisations in the country.
While cryptocurrencies weren’t mentioned in the collaboration announcement, they might be included in the digital asset services that are advertised.
As of yet, there is no crypto regulatory framework in place, and the Indian government and central bank are suspicious of the technology.
But during a G20 summit earlier this month, the Indian finance minister and central bank governor brought up the topic of crypto regulation. According to sources, they asked the G20 to take action to address crypto dangers, defend innovation, and secure investors.
After filing for a Bitcoin ETF in the United States, BlackRock has been actively extending its operations throughout Asia. This week, the company appointed two new leaders to its wealth teams in China and Singapore.
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