New Delhi: A collaboration has been announced by the Arun Jaitley National Institute of Financial Management (AJNIFM) and Microsoft that will build an AI and emerging technologies, the centre of excellence at AJNIFM.

The collaboration that was announced is a joint development of the centre of excellence to drive cloud and AI-led innovation in fintech which will focus mainly on capacity building of government officials, skilling them in emerging technologies, like AI and machine learning, and also shaping the future of public finance management in India.

AJNIFM and Microsoft joint will explore the AI and emerging technologies in finance, expenditure management, revenue leakages, use of emerging technologies in preventing money laundering, studying existing DBT systems, and the potential of application of emerging technologies including machine learning models in decision making across central and state ministries and public sector enterprises by providing technology, tools, and resources to build a strong ecosystem of partners, upskill government officials and thought leadership.

Both organizations of the centre of excellence will serve as the central body for research for emerging tech-led innovations.

Microsoft will also work jointly with MSMEs and ISVs to build customized solutions that address the challenges of the sector with a strong partnership ecosystem.

The collaboration between AJNIFM and Microsoft will bring the AJNIFM’s rich experience in the public sector with Microsoft’s cloud and AI capabilities together, paving the way for data and AI-led governance and fintech transformation.

With continuous technological support from Microsoft, AJNIFM will be the only tech-equipped institution in the country.