Incorporated in November 2021, Tata Fintech seems to be parallelly building a financial services portfolio and hiring senior talent from digital and financial backgrounds. Group companies Tata Capital, which has its own digital arm, and Tata Consultancy Services are helping the new entity with products and technology, the sources said.
Officials close to Tata Capital told ET that the finance and investment service provider is working with Tata Digital to build a digital financial services platform. Tata Digital and Tata Capital did not comment.
The new entity is expected to help Tata Group compete with rivals such as Amazon and Reliance in the financial marketplace. According to a person aware of the matter, the fintech vertical is a natural extension to the broader ecommerce business from the Mumbai-based conglomerate.
Tata Group, which has been actively pursuing a licence for its consumer super app TataNeu, has plans for enabling financial solutions for merchants and suppliers as well. The super app from Tata Digital is currently being pilot-tested among Tata Group’s 200,000-plus employee base. It connects several brands across the Tata universe to offer daily grocery, electronics, finance solutions, flights, holidays, etc.
Each brand on TataNeu is connected by a common reward called NeuCoins, which can be earned across all brands online and at physical locations from AirAsia India, Bigbasket, Croma, Tata CLiQ, IHCL, and Westside. The entity’s services may include services such as credit card applications, insurance distribution, micro loans, and even merchant management.
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