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Chennai, Nov 25 (PTI): TVS Credit Services Ltd, part of the USD 8.5 billion TVS Group on Thursday said it has signed a memorandum of understanding with Indian Institute of Technology, Madras to carry out joint research activities.

The partnership aims to provide technology solutions in the space of financial technology and data science. Under this alliance, both organisations would explore opportunities for undertaking joint research projects and formulate academic activities.

“This effort would create a seamless ecosystem between industry and academia for leveraging analytics and technology”, a company statement said.

The partnership acquires significance as TVS Credit — one of the fastest growing non-banking finance companies in the country and IIT-M a symbol of excellence in academia were coming together to collaborate on innovation programmes, offer training, research to young professionals.

“The collaboration would bring together academic stalwarts and professionals who would jointly design, develop and deliver cutting edge technology projects, research and embark on consultation in the areas of management and financial inclusion,” the release said.

“The future of technology in financial services is an exciting space to participate in, with an institute like IIT-Madras. Also, the importance of skilling and upskilling is more acute than ever before,” TVS Credit, CEO, Venkatraman G said. “With exponentially increasing digitisation, the young and bright minds need to focus on new skills that will enable them to provide innovative solutions and thereby help in the growth of our organisation”.

On the partnership with TVS Credit, IIT-M, Dean (IC&SR), professor Ravindra Gettu said, “we are happy to join hands with a leading market player like TVS Credit.” “Partnerships such as these help in creating practical and innovative solutions that can have a lasting impact. We look forward to working together and achieving mutually beneficial outcomes,” he said.

The partnership aims to provide scholarships for young minds and the NBFC sector can improve resource efficiency and productivity. The collaboration would drive the advancement of research and development, the release added. PTI VIJ SS SS