PB Fintech to set up account aggregator subsidiary

PB Fintech on Monday said its board has approved forming a wholly-owned subsidiary to function as an account aggregator. The board of directors of the company at its meeting held on December 13, 2021 approved the incorporation of the wholly owned subsidiary to carry on the business of an account aggregator AA, PB Fintech said in a regulatory filing.

PB Fintech on Monday said its board has approved forming a wholly-owned subsidiary to function as an account aggregator. The board of directors of the company at its meeting held on December 13, 2021 approved the incorporation of the wholly owned subsidiary to carry on the business of an account aggregator (AA), PB Fintech said in a regulatory filing. ''The incorporation will leverage the facility without external dependency on another account aggregators for information gathering, cost saving/revenue housing and offer seamless solutions,'' it said. The authorised share capital for the account aggregators company is Rs 5 crore. PB Fintech said it will apply to the Reserve Bank for the AA licence. Account aggregators (AAs) are entities that enable financial data sharing from Financial Information Providers (FIPs) to Financial Information Users (FIUs), based on the consent from the customers. An AA acts as an intermediary and helps connect the customer to multiple Financial Information Providers (FIPs) through standardised APIs (Application Programming Interfaces). The board of directors of PB Fintech also approved investment in MyLoanCare Ventures.

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