A Landmark Integration
Aditya Birla Capital has set a benchmark in the financial services sector by becoming the first financial institution to integrate lending, insurance, and investment services on the Open Network for Digital Commerce (ONDC). This government-led initiative aims to build an open, interoperable e-commerce network to promote inclusivity and accessibility. By integrating its core financial services, Aditya Birla Capital seeks to enhance user experience and simplify access to financial products for consumers across the country.
Pioneering ONDC’s Financial Ecosystem
As a Wave-1 participant, Aditya Birla Capital played a key role in shaping the financial services ecosystem on ONDC. Wave-1 participants are the early adopters responsible for developing foundational infrastructure for other entities to join the network. Aditya Birla Capital’s offerings, including personal loans, health insurance, and mutual funds, are now live on ONDC and accessible through multiple buyer apps. This eliminates the need for users to download additional applications, offering seamless access to financial services.
Building Financial Inclusion
Aditya Birla Capital’s integration aligns with ONDC’s vision of creating interoperable networks that connect buyers and sellers across platforms. The company’s key entities contributed significantly to this initiative:
- Aditya Birla Finance: Participated in ONDC’s early pilot phase for credit integration.
- Aditya Birla Health Insurance: Enabled integration of health insurance services.
- Aditya Birla Sun Life AMC: Incorporated mutual fund offerings.
This comprehensive integration furthers ONDC’s mission of promoting financial inclusion and democratizing access to essential financial products.
Leadership Perspectives
Commenting on the achievement, Vishakha Mulye, CEO of Aditya Birla Capital, stated:
“India’s digital public infrastructure has expanded rapidly, creating open and interoperable networks. Our integration with ONDC will help us reach ‘Bharat’ to fulfil the financial needs and aspirations of consumers who may have previously lacked access to formal credit, insurance, and investment opportunities.”
T. Koshy, CEO of ONDC, highlighted:
“Aditya Birla Capital’s integration shows their commitment to democratizing financial products. This step diversifies ONDC’s offerings and strengthens its mission of financial inclusion.”
About ONDC and Aditya Birla Capital
ONDC connects more than 200 apps, facilitating seamless interactions between buyers and sellers. It allows consumers to transact across apps without being restricted to the platform used by sellers. This innovation fosters interoperability and competition in digital commerce.
Aditya Birla Capital, a part of the $65 billion Aditya Birla Group, offers a comprehensive suite of financial solutions, including loans, investments, insurance, and payments. With a presence in over 1,470 branches, a network of 2,00,000 agents, and more than 55,000 employees, the company is a leader in India’s financial landscape.
Conclusion
Aditya Birla Capital’s integration with ONDC is a pioneering step toward democratizing access to financial products. By leveraging ONDC’s interoperable framework, the company aims to bridge the gap between financial institutions and underserved consumers, enhancing financial inclusion across India.
