Mukesh Ambani, the chairman of Reliance Industries, declared in 2017 that data is the “new oil.” His perspective is demonstrated by the success of his telecom company Jio Infocomm, which benefited from accessible data.

The government’s social security programs are also supported via the Internet, in addition to devices and business. Ambani unleashed a data tsunami that had an impact on business, the economy, and politics. India has seen rapid and extensive change as a result of the millions of regular Indians who now own internet-enabled mobile phones.

Now, Ambani may end up coining a new catchphrase: data is the new currency. He is launching a financial behemoth in a similar vein to his innovative telecom venture from a few years back, which decimated the telecom industry with absurdly low rates.

Although regulations prevent him from using the same price game in the banking sector, he has a different, just as effective tactic. After the demerger, Jio Financial Services Ltd., the new name of Reliance Strategic Investments, would use data from Ambani’s current telecom and retail operations.

The goal, in Ambani’s words, is to lend money to customers and businesses based on exclusive data analytics and eventually expand into the insurance, payment, digital broking, and asset management industries.

Reliance Industrial Investments and Holdings (RIIHL), Reliance Payment Solutions, Jio Payments Bank, Reliance Retail Finance, Jio Information Aggregator Services, and Reliance Retail Insurance Broking are six of the companies that Reliance Strategic Investments, which will be renamed as Jio Financial Services (JFSL), has investments in.