Asia Press Agency

Tag: digital transformation

  • Kotak Mahindra Bank Partners with NeSL

    Kotak Mahindra Bank Partners with NeSL

    Kotak Mahindra Bank has entered into a strategic partnership with National E-Governance Services Limited (NeSL) to introduce electronic Bank Guarantees (e-BG) on a digital platform. This collaboration marks a significant milestone in the transition to digital trade finance, eliminating the need for traditional paper-based issuance of Bank Guarantees.

     

    Key Highlights of the Partnership:

    • Digital Transformation: The partnership between Kotak Mahindra Bank and NeSL facilitates the issuance, modifications, closures, digital stamping, and signing of Bank Guarantees in a digital format. This digital transformation streamlines the entire process, resulting in a substantial reduction in the turnaround time for issuing bank guarantees.
    • Faster Processing: With the implementation of e-BG, the processing time for bank guarantees is significantly reduced. Guarantees can be processed within a few hours, a remarkable improvement compared to the traditional paper-based method, which typically takes two to three working days. This accelerated processing benefits businesses in need of quick and efficient trade finance solutions.
    • Enhanced Security: The adoption of e-BG enhances the security of Bank Guarantees by mitigating authentication risks associated with paper-based documents. Digital issuance and verification processes provide a higher level of security for both issuers and beneficiaries.
    • Real-time Access: Recipients of e-BGs have real-time access to digitally issued bank guarantees through the NeSL portal. This instant availability eliminates the need for a separate authentication process, saving time and effort for applicants and beneficiaries.
    • Centralized Repository: NeSL’s centralized repository simplifies the retrieval of issued bank guarantees as needed, reducing the risk of misuse and enhancing transparency in the trade finance process.

     

    Paritosh Kashyap, President & Head of Wholesale Banking at Kotak Mahindra Bank, emphasized the bank’s commitment to customer-centric innovation and early adoption of digital transformation. The e-BG offering is part of the bank’s efforts to enhance the customer experience across its range of banking products and services.

     

    Debajyoti Ray Chaudhuri, MD & CEO of NeSL, highlighted the paradigm shift brought about by e-BG in trade finance and digital banking services. He stressed that e-BG significantly reduces the time required for issuance and other life cycle events of a bank guarantee, making it instantly available in a secure digital format to beneficiaries.

     

    The partnership between Kotak Mahindra Bank and NeSL represents a significant step forward in the digitization of trade finance, offering businesses greater efficiency, speed, and security in managing their bank guarantees.

  • True North Partners with iLink Digital for $75 Million Investment

    True North Partners with iLink Digital for $75 Million Investment

    Private equity firm True North has announced a strategic partnership with iLink Digital, a global provider of next-generation digital transformation solutions. True North plans to invest up to $75 million over the course of 12 months to acquire a minority stake in iLink Digital. The investment will be facilitated through True North’s Fund VI, according to a statement released by the company.

     

    Prasad Thrikutam, a partner at True North, expressed confidence in the partnership, stating that iLink Digital aligns perfectly with True North’s investment approach in digital product engineering companies. He emphasized iLink’s deep technology expertise and its track record of building strong partnerships with leading tech platforms, which have delivered exceptional value to its global clients.

     

    iLink Digital, founded in 2002 by Indian-origin entrepreneurs Sree Balaji and Shridhar Mahadevan, is headquartered in the United States. The company boasts a substantial workforce of 2,500 professionals specializing in consulting and digital engineering, with a presence in 18 offices across eight countries.

     

    This investment marks True North’s third foray into the technology sector, underscoring the firm’s optimism about the future of the IT services industry. True North aims to contribute to the development of the next generation of globally respected IT service companies.

     

    iLink Digital has a strong track record of providing consulting and technology solutions to Fortune 1000 clients. The company has cultivated robust affiliated partnerships with major enterprise technology players such as Microsoft, Salesforce, AWS, UiPath, Outsystems, Databricks, Confluent, and others.

     

    The capital raised through this investment will be utilized by iLink Digital to advance its mergers and acquisitions (M&A) agenda, with a focus on enhancing its domain expertise and technology capabilities. Additionally, a portion of the proceeds will be allocated to initiatives aimed at strengthening iLink’s engagement with its two primary growth pillars: its employees and clients.

     

    Sree Balaji, CEO of iLink, explained the decision to partner with True North as the result of a meticulous evaluation process involving multiple parties. He highlighted True North’s deep knowledge of the technology sector, its efforts to support companies in M&A activities, and its ability to assist iLink in its long-term objective of launching a successful IPO in the Indian public markets in the coming years.

     

    Lincoln International served as the financial advisor to iLink Digital for this capital-raising process. True North’s investment in iLink Digital represents another significant addition to its portfolio, with previous investments in Accion Labs and Quest Global from its sixth fund.

  • B20 India: Common Regulatory Framework for Generative AI

    B20 India: Common Regulatory Framework for Generative AI

    As part of the B20 India Summit’s initiatives to foster digital transformation and innovation, a key recommendation has emerged from its leadership to develop a common regulatory framework for generative artificial intelligence (AI). N. Chandrasekaran, Chairman of Tata Sons and Chairperson of B20 India, highlighted this important proposal during a press conference ahead of the three-day B20 India Summit.

     

    Chandrasekaran emphasized the significance of adopting AI on a broad scale as a key objective of the summit. He noted that generative AI holds substantial potential, but it also requires a regulatory framework to ensure responsible use while nurturing innovation. He added that finding a balance is crucial—enabling innovation without stifling its progress through over-regulation.

     

    Highlighting India’s experience in establishing a digital public infrastructure, Chandrasekaran expressed optimism about India’s role in contributing to the development of this regulatory framework.

     

    B20, the business forum of the G20, has been organized around nine themes and seven task forces, each addressing the needs of the global economy, society, and the global south. The task forces have focused on digital transformation, resilient global supply chains, financing sustainability transitions, economic recovery policies for micro, small, and medium enterprises, skilling and inclusivity of women, skilling for technological changes, integration of environmental sustainability guidelines (ESG) in businesses, and the integration of the African continent.

     

    The summit aims to present its recommendations and reports during its duration from August 25 to 27. Chandrasekaran underlined the importance of resilience in the global supply chain, especially in sectors such as electronics, high-tech manufacturing, and defense. While acknowledging the need for regulatory oversight, he stressed that an approach of collaboration and innovation should be adopted rather than approaching AI regulations with a pessimistic outlook.

     

    The B20 India leadership, through its more than 54 recommendations and over 170 policy actions, seeks to drive meaningful changes across various sectors. The summit’s reports and recommendations are expected to be released starting from August 25, further contributing to discussions on innovation, sustainability, and resilience in a rapidly evolving global landscape.