Rapidly changing regulatory frameworks and the fast-paced emergence of disruptive technologies have bolstered the global banking industry. We regularly advise participants under the open banking framework including account aggregators, financial information users, and technology service providers on licence prerequisites and structuring comprehensive data transfer agreements through the account aggregator. We also work closely with the non-profit collective spearheading the account aggregator ecosystem guiding them achieve the goals for India’s Data Empowerment and Protection Architecture and the Account Aggregator network.
Advised over 70% of the entities granted an Account Aggregator (AA) license, providing end-to-end assistance pertaining to their AA applications, liaising with the RBI, and as well as queries on customer consent management.
With the RBI halting the issuance of new AA licenses, we are now advising leading players on consolidations and acquisitions within the AA ecosystem, shaping the evolving landscape of digital financial infrastructure.
Assisted a new-age super app on a transaction with an account aggregator and a service provider to generate insights and analytics based on the financial information of a customer.
Advised a leading self-regulatory organisation for Account Aggregators on structuring its membership agreement framework with banks, including the design of its governing council, decision-making processes, and evaluation criteria for Financial Information Providers (FIPs), Financial Information Users (FIUs), and Account Aggregators (AAs).
Advised one of the largest card network service providers in the world with its proposed acquisition of an account aggregator in India.
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