India

Facebook invested $5.7 billion in India’s Telecom company JIO

Image Source : Wikimedia Commons

The multi-billion-dollar deal between Facebook and the telecom giant JIO was in the news this week. JIO is the division of one of India’s largest company Reliance Industries Limited (RIL). This deal has opened up opportunities for JIO to expand and open up new Financial Tech projects. This deal is the largest Foreign Investment in the Tech sector of India.

Facebook has bought a 9.99% stake in Jio. The projects that are being planned are related to the development of digital financial services. These include the services to facilitate the microtransactions and developing the Financial credit system for the unbanked customers.

This deal would mainly be a merging of the two digital platforms of Whatsapp & JIO Mart. This will facilitate the financial transactions between the customer and Small & Medium businesses. This would empower the operations and transactions done between people on a daily basis. The deal might also help Facebook to monetize the Whatsapp platform and for Reliance Group to reduce its debt.

This deal could be closely monitored by the government authorities. This is because both these companies handle a huge amount of user data which has the potential to be misused.

Following is the latest report from Moneycontrol.com.

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