It’s a wrap: News this week (Dec 21 – Dec 27)

There have been multiple developments this week on the tech front. From Aurionpro’s new acquisition to RBI’s ethical AI committee, this is the list of the most important developments for a quick catch-up:

Aurionpro acquires consulting firm

Technology services provider Aurionpro Solutions has announced the acquisition of French consulting firm Fenixys. The Paris-based provides capital markets services to leading banks and financial institutions across Europe and the Middle East; its acquisition is poised to strengthen Aurionpro's banking and fintech strategy.

The deal value is €10 million (approximately $10.4 million). This acquisition allows Aurionpro to continue its geographical expansion into Europe by leveraging Fenixys' experience of over 10 years in partnering with financial institutions undertaking IT transformations, as well as their deep relationships with major banks across Europe and the Middle East.

RBI sets up committee for ethical AI

The Reserve Bank of India (RBI) announced the formation of an eight-member committee to develop an ethical AI framework for the finance sector. Called the Framework for Responsible and Ethical Enablement of AI (FREE-AI), the formation of such a committee was first announced earlier this month.

The newly constituted team has members from top private and public institutions including the Indian Institute of Technology (IIT), Reserve Bank Innovation Hub, Ministry of Electronics and Information Technology (MeitY), HDFC Bank, and Microsoft India, among others. The Committee may also invite domain experts, industry representatives, RBI departments, and other stakeholders, as required for consultations.

Persistent Systems, CoRover.ai partner for GenAI integration

IT services firm Persistent Systems has partnered with artificial intelligence (AI) services provider CoRover to drive innovation in the field of multilingual conversational platforms powered by Generative AI (GenAI). Persistent Systems will be integrated with CoRover's platform. 

The partnership aims to address emerging market demands, enhance client experiences, and unlock new revenue opportunities for businesses. By leveraging economies of scale and improving operational resilience, the alliance seeks to accelerate market readiness while maintaining a strong focus on AI innovation.

Poonawalla Fincorp integrates AI into its HR processes

Poonawalla Fincorp, a non-banking finance company promoted by the Cyrus Poonawalla Group, on Monday, said that it is integrating Artificial Intelligence (AI) into its human resource (HR) processes to manage risks and enhance accuracy in hiring. 

This integration, done in phases, has reduced the time to finalise job offers from approximately 10 days to under one day, achieving a 90% decrease in time taken. Advanced AI tools are streamlining document verification and candidate screening, significantly improving recruitment efficiency and cost management.