New Delhi [India], October 22 : HDFC Asset Management Company (AMC) Limited has onboarded itself on the Open Network for Digital Commerce (ONDC), becoming one of the first Asset Management Companies to join this digital public infrastructure.
By enabling mutual fund distributors to access a broader range of AMCs and vice versa, the ONDC network is set to revolutionize how investment products are distributed.
The HDFC AMC in a statement said this integration marks a significant milestone in the financial services sector, as it aims to democratize access to mutual fund investment products across the country.
The integration with ONDC will further aid in tackling three common barriers to investment faced by a significant portion of India's population: low incomes, irregular cash flows, and limited access to financial tools.
"The ONDC Network's open protocol will help in improving reach to large Investing Population by offering mutual fund investment Products. This will empower every individual, regardless of their income, to take the first step towards financial inclusion and wealth creation," HDFC AMC said.
Navneet Munot, MD and CEO of HDFC AMC, said "At HDFC AMC, we are deeply committed towards financial inclusion. By joining forces with ONDC, we're not just offering a new investment channel; we're democratising wealth creation."
"This Network allows us to reach every corner of Bharat, transforming small savings into meaningful investments. This is in line with our ambitious mission to be the wealth creator for every Indian."
T Koshy, MD and CEO of ONDC, commented, "HDFC AMC's integration with ONDC Network is a leap toward democratizing financial access by unbundling the financial journey breaking down traditional silos, making financial products more visible, accessible, and interoperable across platforms."
"This seamless access empowers individualsregardless of geography or incometo participate in wealth creation."
India has developed some of the finest digital public goods infrastructure which could change lives the world over. The next in line could be its Open Network for Digital Commerce which currently is in its nascent stage of adoption. Open Network for Digital Commerce (ONDC) is aimed at promoting open source networks for all to exchange goods and services on the internet, and most importantly it is independent of any specific platform.
Incorporated on December 31, 2021, ONDC goes beyond the current platform-centric digital commerce model where the buyer and seller have to use the same platform or application to be digitally visible and do a business transaction.
ONDC is a non-profit company established by the Department for Promotion of Industry and Internal Trade (DPIIT) to develop open e-commerce.
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