Tech Titans Unite! IBM, Microsoft and NASSCOM to revolutionize banking, financial sector with AI in GIFT City
tech titans unite! ibm, microsoft and nasscom to revolutionize banking, financial sector with ai in gift city
The Gujarat government inked memorandum of understanding on Saturday with software behemoths IBM and Microsoft, as well as the National Association of Software and Service Companies (NASSCOM), to promote the adoption of AI technology in the state.
The government's release stated that the MoUs were signed in the presence of Chief Minister Bhupendra Patel. IBM and the Gujarat Government's Department of Science and Technology signed a Memorandum of Understanding to build and promote a "AI Cluster" in Gujarat International Finance Tec (GIFT) City to boost innovation and collaboration among financial institutions, the company said.
Microsoft and DoST have inked an MOU
Microsoft and the Department of Science and Technology have inked an MOU to construct an Artificial Intelligence Centre of Excellence in GIFT City. The AI Centre will concentrate on key technologies including machine learning, cognitive services, and bot services.
The department also inked another memorandum of understanding with NASSCOM to strengthen the state's artificial intelligence capabilities. Prime Minister Narendra Modi has prioritised future technologies to boost India to become the world's third-largest economy, according to Chief Minister Patel. "Our aim is to keep Gujarat among the top industrial states by promoting futuristic technology such as AI," he added.
“Gujarat has emerged as a global gateway to the future. In response to the growing demand for skilled workforce in emerging industries leveraging advanced technologies, the state government has launched the Up Skilling Industry Ready Talent Program under the IT and ITES policy," the CM added.
Big step to boost AI technology
Principal Secretary of the Department of Science and Technology, Mona Khandhar told ANI that, "This is a big step. These MoUs are very detailed... We are going to set up a Centre of Excellence for Artificial Intelligence. NASSCOM and Microsoft will be our partners in that... We are also working to expedite the AI adoption in MSMEs. It is our effort to bring this futuristic technology to the people..."
Managing Director for IBM India & South Asia region, Sandip Patel says, "Nowadays all enterprises are trying to use the technology of Artificial Intelligence. This MoU will facilitate the usage of AI technology in the banking and financial services & solutions sector in the GIFT city... the companies will come to the GIFT city if they will benefit from the infrastructure of different technologies there...", as per ANI report.
Fintech enterprises to develop AI software
Fintech companies in GIFT City can develop actionable AI software using IBM's superior AI platform and cloud infrastructure, enhancing their potential to deliver AI-driven digital solutions in the banking, financial services, and insurance industries. IBM will also engage with state schools and universities to build AI curriculum, according to the statement.
This programme has sought expressions of interest from institutions and course providers around the state to engage in teaching adolescents in deep technology. According to the press release, IBM, NVidia, AWS, TCS, and L&T Edutech have committed to offer courses as part of this programme.
In addition, four state universities have joined this event as aggregators which includes GTU, IITRAM, P.D.E.U., and Ganpat University. Over the next three years, Gujarat hopes to train 25,000 students in deep technical programmes.
(With inputs from agencies)