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The Arun Jaitley National Institute of Financial Management (AJNIFM) and Microsoft signed a Memorandum of Understanding (MoU) for a strategic partnership to build an AI and emerging technologies Centre of Excellence at AJNIFM.

The collaboration seeks to explore the role of cloud, AI and emerging technologies for transforming and shaping the future of public finance management in India.

The Centre of Excellence will serve as a central body for research, AI scenario envisioning and tech led innovation. AJNIFM and Microsoft will jointly explore use cases of emerging technologies in finance and related areas, across central and state ministries and public sector enterprises.

Microsoft 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 organisations will also work closely on a capacity building programme for senior government officials in associated ministries, 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, role of responsible tech in finance.

Microsoft will also work closely with its partners, MSMEs and ISVs to build customised solutions that address the challenges of the sector.