Published: 01st July 2021
Arun Jaitley NIFM partners with Microsoft to drive cloud and AI-led innovation in FinTech
The Centre of Excellence set up by them will serve as a central body for research, AI scenario envisioning and tech-led innovation
The Arun Jaitley National Institute of Financial Management (AJNIFM) and Microsoft on Thursday signed a Memorandum of Understanding (MoU) for a strategic partnership to build an AI and emerging technologies Centre of Excellence at the institute. This collaboration seeks to explore the role of cloud, AI and emerging technologies for transforming and shaping the future of public finance management in the country.
The Centre of Excellence will serve as a central body for research, AI scenario envisioning and tech-led innovation. AJNIFM and Microsoft will jointly explore use cases of emerging technologies in finance and related areas, across central and state ministries and public sector enterprises. Microsoft will partner closely with AJNIFM to define the future of public finance management in India, providing the technology, tools and resources to build a strong ecosystem of partners, upskill government officials and build thought leadership.
Both organisations will also work closely on a capacity-building programme for senior government officials in associated ministries, departments and financial institutions. As part of this skilling effort, public sector officials will be trained on the application of emerging technologies in finance management to address potential risks like money laundering, use of machine learning models for decision making, role of responsible tech in finance, etc. Microsoft will also work closely with its partners, MSMEs and ISVs to build customised solutions that address the challenges of the sector.
As part of the strategic partnership, Microsoft and AJNIFM will focus on building an innovation centre, industry thought leadership, reskilling and capacity building and finally creating a strong ecosystem of partners.
Speaking about the partnership, Prabhat Ranjan Acharya, Director, AJNIFM, said, “The Steering Committee on FinTech-related issues under the chairmanship of secretary, economic affairs had recommended setting up centres of excellence on fintech in key premier national institutions like AJNIFM. With continuous technological support from Microsoft, AJNIFM will be the only institution in the country equipped with a high pedigree of financial analytical tools in the financial sector research domain."
Commenting on the same, Navtez Bal, Executive Director, Public Sector, Microsoft India, added, “AJNIFM has a long history of driving research and innovation, preparing the next generation of leaders to transform India’s finance management system. This collaboration brings together AJNIFM’s rich experience in the public sector with Microsoft’s cloud and AI capabilities, paving the way for data and AI-led governance and fintech transformation. We are excited to work together to accelerate research, enable skilling in emerging tech and invest in building a strong industry ecosystem for public finance management in the country. "