PB Fintech to set up an Account Aggregator subsidiary

Target Date - September 30, 2022

PB Fintech’s board has approved to set-up a wholly owned subsidiary to carry on the business of an Account Aggregator (AA).

Key points to note –

  • Account Aggregator Network – a financial data sharing system was recently introduced in India in September 2021.
  • An Account Aggregator (AA) is a type of RBI regulated entity (with an NBFC-AA license) that helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network. Data cannot be shared without the consent of the individual.
  • AAs cannot read or resell consumer data. The data AAs share is encrypted by the sender and can be decrypted only by the recipient.
  • Registering with an AA is fully voluntary for the consumers.

The proposed AA business fits strategically well into PB Fintech’s portfolio. It would be useful for it’s captive purposes as well as providing it as a service for fee to the third parties.

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