Aurionpro buys majority stake in Singapore firm

Mumbai-based enterprise security company Aurionpro Solutions Ltd said it will acquire a 51 per cent stake in Singapore-based banking technology firm Neo.Bnk Pte Ltd for $1.5 million (Rs 10 crore). The acquisition is in line with the company's strategy of integrating and scaling up its product suite to a next-generation platform, said Aurionpro in a stock market disclosure. The acquisition, which will be done through its wholly-owned subsidiary Aurionpro Solutions Pte Ltd, is expected to be concluded by the end of this month. Neo.Bnk offers a single open banking platform which helps banks form an ecosystem with fin-tech companies and other partners to harness new business models. The main driver for open banking is the sharing economy, which is estimated to become a $20-billlion opportunity in the next five years, the company said. Amit Sheth, co-chairman, Aurionpro, said: “Neo.Bnk will allow Aurionpro to offer a next-generation platform to its customers based in over 25 countries. It will also help evolve Aurionpro′s loan, transaction banking and ACE platform into a next-generation digital banking platform.” Aurionpro helps enterprises accelerate their digital innovation, securely and efficiently. The company operates three primary business lines - cybersecurity, digital innovation and banking industry solutions. It employs over 1,200 domain and technology experts across North America, Asia and Europe.