').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
KFintech Buys 25.6% Stake In Account Aggregator MoneyOne's Parent
Financial services firm KFin Technologies (KFintech) has entered the account aggregator business with the acquisition of 25.63 per cent stake in Fintech Products and Solutions India (FPSIPL) for Rs 6.5 crore.
FPSIPL owns MoneyOne, which provides technology solutions to banking and financial services companies, has an account aggregator (AA) licence.
AA is a framework for data sharing between financial institutions like banks, pension funds, insurance companies, and asset management companies. Under this, AAs use technology for a simple and secure exchange of data between the institutions.
As per the terms of the deal, KFintech can raise its shareholding in FPSIPL to 75.01 per cent for a cash consideration not exceeding Rs 22.6 crore later, subject to certain conditions.
KFintech is an investor and issuer solutions provider, serving asset managers such as mutual funds, Alternative Investment Funds (AIFs), wealth managers, pension funds and corporate issuers, as well as international clients in Southeast Asia and Hong Kong.
Shares of KFintech closed 0.95 per cent higher on Friday.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, February 24 2023. 19:44 IST
RECENT NEWS
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more
Stablecoin The Future Of Currency?
The payments system is undergoing a quiet but consequential shift. What was once the exclusive preserve of central banks... Read more
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more