Tally Solutions to assist 4L MSMEs in Ahmedabad to adopt the Account Aggregator Framework
~ Eyes a strong market share among 18L MSMEs in Gujarat in the next 3 years ~
Ahmedabad, 28th May 2024: Leading technology player, Tally Solutions, announces the launch of their new endeavor to strengthen the adoption of the Account Aggregator (AA) framework in the state of Gujarat. With a vision to assist over 18L MSMEs in the region, Tally is committed to simplifying financial access for the mid-mass business segment.
The AA framework was launched by the Reserve Bank of India in the year 2016 to boost the open-banking ecosystem. Aligned with this, Tally launched its subsidiary, Tally Account Aggregator Services Pvt Ltd, with its product TallyEdge allowing users to effortlessly consolidate all their financial information from various financial entities in one place; with the capability to view or share that information securely, in real-time and only with their consent. TallyEdge provides users with comprehensive control over their data, allowing them to effortlessly approve, reject, pause, or revoke any data-sharing requests.
Gujarat has emerged as a hotspot for global investments and industrial growth. However, credit gap and debt demand in the region stand at 14 Lakh Crores and 1.81 lakh Crore respectively. Tally is aiming to bridge this gap through the account aggregator syndication. TallyEdge will not only strengthen the AA ecosystem, but also help more MSMEs reach their growth aspirations.
According to Mr. Vikas Shetty, General Manager – Financial Services, Tally Solutions, “As a key player in the Business Management Software (BMS) sector, we currently hold a 75% market share in the country and Gujarat plays a significant role in it. With TallyEdge, our goal is to further extend our support to MSMEs facing challenges in accessing formal lending. In Ahmedabad, we are set to organize a series of awareness sessions in partnership with our allies and industry bodies in the coming months to promote an in-depth understanding of the AA framework and its potential for businesses.”
With 3.5 million MSMEs, Gujarat has a flourishing MSME ecosystem which has recorded close to 60% growth since 2015 and is consistently growing y-o-y. Incidentally, Udayam data places Gujarat amongst the top five states for MSME registrations. In this regard, Tally Solution’s interventions are playing an instrumental role in digitizing operations, simplifying lending access and thus boosting MSME growth in the region.
TallyEdge will extend secure digital data access and consent-based data sharing with financial institutions, making the lending process seamless. In the initial phase, the awareness efforts will cascade through their extensive partner network in the region. Furthermore, the brand looks forward to partnering with large financial institutions to extend its reach. Through these efforts, Tally aims to make a substantial contribution to facilitating the formal lending journey of MSMEs.
