Aditya Birla Capital has become the first financial services company to integrate lending, insurance, and investments on the Open Network for Digital Commerce (ONDC). ONDC is a government initiative that aims to create an open and interoperable e-commerce network, promoting inclusivity and competition in digital commerce. By offering these services, Aditya Birla Capital provides easier access to financial products, contributing to the development of the financial services ecosystem on ONDC.
As a Wave-1 participant, Aditya Birla Capital has played a crucial role in building the infrastructure for others to join. The company’s personal loans, health insurance, and mutual fund services are available on the ONDC platform through multiple buyer apps, enabling users to access these financial products without downloading extra applications. This integration matches ONDC’s goal of building interoperable networks that link buyers and sellers across apps.
Vishakha Mulye, CEO of Aditya Birla Capital, stated that the company’s integration with ONDC will allow them to serve the unmet financial needs of individuals in India, particularly those without access to formal credit, insurance, and investment options. T. Koshy, CEO of ONDC, noted that this move will increase ONDC’s offerings and support financial inclusion.
ONDC connects over 200 apps, enabling interactions between buyers and sellers and allowing buyers to use any app to buy products or services, regardless of the app their seller uses. This promotes interoperability and access, making it easier for individuals to access financial products and services. Aditya Birla Capital, part of the $65 billion Aditya Birla Group, offers a range of financial solutions, including loans, investments, insurance, and payments, operating across India with over 1,470 branches, 2,00,000 agents, and 55,000 employees.
The integration of Aditya Birla Capital with ONDC is expected to increase financial inclusion and provide easier access to financial products for individuals in India. With ONDC’s goal of building an open and interoperable e-commerce network, this partnership is a significant step towards achieving this objective. The move is also expected to promote competition and inclusivity in digital commerce, ultimately benefiting individuals and businesses in India.