Markets

Anmol Ambani stresses on fintech as disruptor in first AGM speech

Priyanka Pani Mumbai | Updated on January 10, 2018 Published on September 26, 2017

Anmol Ambani, son of industrialist Anil Ambani and the Executive Director of Reliance Capital, the financial services business of conglomerate Reliance ADAG, said the company aims to be the number one in the financial services market in the coming years on the back of technology.

“We are gifted to have the opportunity to design the financial future of a nation with enormous potential and ambition. Together we are digital, we are disruptive, we are dreamers,” the junior Ambani said while making his first Annual General Meeting speech today.

He further added that the company is already number one in the NBFC segment in terms of networth. “We are in a prime leadership position across all our business. Our aim is for our businesses to be ranked in the top 3 within their respective industries in the near future,” said the 25-year-old scion of the Reliance ADAG group, which has seven different lines of business present across all financial service verticals, namely, insurance, mutual funds, home finance, asset management and commodities, among others.

Anmol has a degree from Warwick Business School in the UK and has been deeply involved in the financial business segment for the last two years.

Being a next gen entrepreneur, Anmol also thinks like a startup. “We like to see ourselves as an incubation company. Just as we have incubated and grown these businesses in the past, we will nurture and develop new business opportunities in the future, focusing only within the financial services and financial technology space,” he said, hinting that the focus is clearly on tapping the growing fintech industry in the country.

Indian youth are craving change and are more open than their predecessors to innovation, experimentation and collaboration (social, economic, and cultural). They are ready for disruption across industries, he said, adding that India is on t the brink of major economic reforms and the need of the hour is to upskill, educate and inform the Indian masses -- financially, educationally, digitally and technologically -- so as to reap benefits in future.

On his current business plan, Anmol said the plan is to increase the company’s digital footprint and focus on innovations. “The share of digital in our revenues is growing steadily across all our businesses... While we aim to delight digitally savvy customers through incubating ‘fully digital’ products, we also realise a large section of Indians still require physical reassurance and assistance.”

He also stressed on how the company is adopting newer technologies such as Blockchain and Artificial Intelligence in growing the business and providing better service and products to its customers.

Anmol, who has been hands-on with the business from the beginning, said the company plans to list its general insurance business by the end of this financial year and it is in the process of carving out a standalone health insurance company from its general insurance business. The company has already received round one approval from IRDAI and expects to be operational from early next year, he said.

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Published on September 26, 2017
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