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India Unveils Centre of Excellence in AI

India’s Ministry of Finance has entered a strategic partnership with a tech giant to build a Centre of Excellence in Artificial Intelligence (AI) and emerging technologies at the Arun Jaitley National Institute of Financial Management (AJNIFM).

According to reports, the proposed centre of excellence will serve as a central body for research, AI scenario envisioning, and technology-led innovation. The two sides will jointly explore use cases of emerging technologies in finance and related areas, across central and state ministries and public sector enterprises.

NIFM, set up under the Ministry of Finance, specialises in the capacity building of professionals in the fields of public policy, financial management, and other governance issues. The collaboration is meant to explore the role of cloud, AI, and emerging technologies in transforming and shaping the future of public finance management in India. Officials from the Finance Ministry noted that the organisation 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 sides will also work closely on a capacity-building programme for senior government officials working with ministries, government 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, and the role of responsible tech in finance, among others.

The private player will also work closely with its partners to build customised solutions that address the challenges of the sector. 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. The ambit of research studies will seek to address key challenges in public financial management, particularly expenditure management, revenue leakages, studying existing DBT systems, and the potential of emerging technologies, said Prabhat Ranjan Acharya, Director, AJNIFM.

With continuous technological support from the private sector, AJNIFM will be the only institution in the country equipped with a high pedigree of financial analytical tools in the financial sector research domain, he added. This collaboration brings together AJNIFM’s rich experience in the public sector with private sector cloud and AI capabilities, paving the way for data and AI-led governance and fintech transformation. The two sides will 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, an official stated.

The government has been investing in public-private collaboration in areas of AI and cloud computing. Recently, the Indian Institute of Science (IISc) collaborated with a tech giant to launch a Hybrid Cloud lab to advance research in hybrid cloud technologies and drive breakthrough innovations in the area. Located at the IISc campus in Bengaluru, students, and faculty across departments of the institute will work alongside the company’s research scientists to conduct cutting-edge research that can help organisations leverage the true power of hybrid cloud by enabling the faster and more secure adoption of hybrid cloud and artificial intelligence (AI).

OpenGov Asia had reported that the Hybrid Cloud lab will bring together a community of scientists, faculty, and students, to solve research challenges that enterprises face today, in scaling the adoption of cloud computing across industries. The lab will engage not just with academia, but also the broader open-source community for wider adoption and acceleration of innovation.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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