CAMSfinserv, a wholly owned subsidiary of CAMS announced its collaboration with Microsoft India to develop a technology foundation for the Account Aggregator marketplace for Indian market.
The collaboration will accelerate digital transformation in areas such as credit lending, investment advisory and personal finance management.CAMSfinserv' Account Aggregator will adopt some of the most stringent standards of privacy, security and data delivery standards that are envisioned by the regulator by integrating Microsoft's security suite with the core architecture.
Anuj Kumar, managing director CAMSfinserv, said, The Account Aggregator model represents a brand-new opportunity to make a difference to the rapid financialization taking place in the country. Our relationship with Microsoft is a natural outcome of this quest to deliver gold standards as the account aggregator space expands and gains relevance.
Commenting on the alliance with CAMSfinserv, Sashi Sreedharan, managing director Microsoft India said, We look forward to working with CAMSfinserv to use their financial sector expertise while utilizing the power of Microsoft Azure to break down data silos and enhance customer experiences through comprehensive automation in areas such as credit lending, investment advice and personal finance management. As technology enables the BFSI industry to reimagine every aspect of their services, we are pleased for this opportunity to contribute towards this initiative in driving inclusive financial growth in India.
CAMSfinserv is a wholly owned subsidiary of CAMS (Computer Age Management Services) the leading fintech infrastructure provider and India's largest registrar and transfer agent of mutual funds with an aggregate market share of approximately 70%.
Computer Age Management Services is India's largest Mutual Fund Transfer Agency serving over 69% of assets of the Indian mutual fund industry. As an integral part of the India's financial infrastructure, CAMS has built a reputation as the leading Transfer. The company's consolidated net profit rose 37.03% to Rs 77.31 crore on a 27.84% increase in sales to Rs 237.71 crore in Q3 FY22 over Q3 FY21.
Shares of CAMS were trading 0.92% lower at Rs 2,494.10 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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