NPCI sets up tech subsidiary to focus on AI, blockchain; appoints Vishal Kanvaty as CEO
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NPCI Tech Solutions will focus on emerging technologies, digital financial infrastructure and Global Capability Centre services beyond the payments body's core mandate.
The National Payments Corporation of India (NPCI) has set up a wholly-owned subsidiary, NPCI Tech Solutions Limited (NTSL), to expand its technology and innovation capabilities beyond its core payments business. The payments body has appointed Vishal Kanvaty as Managing Director and Chief Executive Officer of the new entity.
NTSL will serve as the technology and innovation arm of the NPCI Group, focusing on emerging areas such as artificial intelligence (AI), blockchain, digital financial infrastructure and Global Capability Centre (GCC) services.
NTSL to focus on emerging technology and DPI initiatives
The subsidiary will also provide technology services for initiatives such as eKYC Setu and the Unified Ticketing Platform (UTP), along with other Digital Public Infrastructure (DPI) programmes. The move is aimed at expanding the group's technology capabilities and supporting its broader digital infrastructure initiatives.
Kanvaty, who has been associated with NPCI for nearly a decade, has led the development and commercialisation of several market innovation platforms that now fall within NTSL's focus areas. He will lead the subsidiary's efforts to build capabilities across these emerging technology domains.
NPCI looks to strengthen technology capabilities
Commenting on the development, Dilip Asbe, Managing Director and CEO of NPCI, said technology has been central to the organisation's growth and its contribution to India's digital transformation.
"Technology has been at the core of NPCI's journey and its contribution to India's digital transformation. As we look ahead, advancements in Artificial Intelligence and other emerging technologies are creating new possibilities across digital infrastructure and financial services. NTSL has been established to focus on these opportunities and further strengthen the NPCI Group's technology capabilities," Asbe said. He added that Kanvaty's experience and leadership would guide the subsidiary's growth and future direction.