India’s Jio Financial Services (JFS) and global asset management giant BlackRock have announced a partnership to launch digital asset management services in India. With an initial investment of $150 million each, the collaboration aims to tap into India’s growing investor population.
JFS, a part of Mukesh Ambani’s Reliance Group, will leverage BlackRock’s expertise in investment and risk management, along with JFS’s technology capability and market expertise, to drive the digital delivery of products. The move aligns with Ambani’s goal of making JFS one of India’s top non-banking finance companies, utilizing the synergies of his telecom and retail businesses.
BlackRock, the world’s largest asset manager with $8.59 trillion in assets under management, sees India as an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways, according to Rachel Lord, BlackRock’s head of APAC.
While the partnership announcement did not specifically mention crypto assets, there is a possibility that they may be included in the digital asset services offered. However, the Indian government and central bank remain cautious about cryptocurrencies and have yet to establish a regulatory framework. Recently, the Indian finance minister and central bank governor raised the issue of crypto regulation at a G20 meeting, emphasizing the need to address risks, safeguard innovation, and protect investors.
BlackRock’s expansion into Asia has been aggressive, particularly following its U.S. Bitcoin ETF application. The asset management giant has been bolstering its teams in China and Singapore, further solidifying its presence in the region.
In the crypto market, consolidation continues, with flat markets and limited volumes and liquidity. Bitcoin failed to reclaim the $30,000 level, remaining at $29,400. Ethereum is marginally up but has also struggled to surpass $1,900. Altcoins have largely remained unchanged from previous levels.
As BlackRock looks to India in its partnership with JFS, the move highlights the growing interest and potential in the digital asset management industry. With India’s vast population and evolving market dynamics, the collaboration aims to capitalize on the country’s investment potential and drive digital innovation in the financial sector.