').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
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more