NPCI joins hands with IISc for joint research on blockchain, AI tech

The National Payments Corporation of India (NPCI) and the Indian Institute of Science (IISc) in Bangalore have announced a significant collaboration to accelerate advancements in blockchain and Artificial Intelligence (AI) technologies for the financial sector. This long-term agreement marks a major step forward in leveraging deep tech research to revolutionize India's fintech landscape.

The partnership will be spearheaded by the establishment of the "NPCI-IISc Centre of Excellence (CoE) for Deep Tech Research & Development." This dedicated center will serve as a hub for collaborative research, bringing together the expertise of NPCI researchers and faculty members from five distinct departments at IISc.

The research focus will revolve around two key areas:

• Scalable Blockchain Platforms: This will involve exploring and developing secure and efficient blockchain solutions tailored to the specific needs of the Indian financial system.

• Multi-modal Analytics over Fintech Data: The CoE will delve into utilizing AI and machine learning techniques to analyze vast datasets within the fintech domain. This holds the potential to unlock valuable insights for enhancing financial services, fraud detection, and risk management.

"This partnership marks a significant milestone in our journey to foster innovation and drive technological advancements in the Indian payments ecosystem," stated an NPCI spokesperson. "We are confident that the combined expertise of NPCI and IISc will lead to groundbreaking research and the development of next-generation solutions that benefit all stakeholders within the fintech industry."

IISc, renowned as one of India's premier institutes for advanced scientific research, brings its rich legacy and intellectual capital to the table. This collaboration is expected to pave the way for exciting discoveries and contribute significantly to India's position as a global leader in fintech innovation.