Airan enters into service agreement with Standard Chartered Bank

11 Jan 2022 , 02:47 PM

Airan Ltd’s share price dipped by more than 3% on Tuesday. The company has issued an intimation to the exchange informing that it has entered into a Service Agreement with Standard Chartered Bank, for the outsourcing of their various transaction processing activities through CTS (Cheque Truncation System), CMS (Cash Management Services) and Mobile based CTS system in 34 countries.

The implementation of this mandate has only been started with Indian domestic operations due to COVID international travel restrictions and is almost fully implemented by December 2021.

Standard Chartered Bank, Thailand operations have also started remotely and CMS & CTS Clearing process is implemented.

The company is seeking to start UAE operations in February 2022 since all formalities like Third Party Infosec audit and technical alignment have already been discharged.

Also, the operations in the Philippines, Singapore, Hong Kong, and Bangladesh are likely to commence during this financial year. All other operations will be commenced in the following years.