SBI-APIX collaboration is creating opportunity for innovators, says Moondra
The State Bank of India has taken a key step in digital transformation mission to foster innovation across the group’s banking and financial services, says Vidya Krishnan, Deputy Managing Director, IT at SBI https://www.cii.in/.
“The platform’s capability for mutual discovery of APIs, will enable the bank and group companies in collaborating with global innovators to create and build solutions that are innovative, impactful, and highly customer centric,” she said at the launch of ‘SBI Innovation Hub’ at the Singapore Fintech Festival being held Nov 6-8 https://www.bseindia.com/.
“We are simplifying the onboarding process by providing a single touchpoint for fintechs and startups,” she said virtually at the hub launch in partnership with APIX, a Singapore-based leading global collaborative innovation platform for financial institutions and fintechs https://www.nseindia.com/ .
“The result of our collaboration is an exciting and pioneering innovation hub that represents a groundbreaking opportunity for fintech and innovators to engage with one of the world’s largest banks in a way that will benefit millions of customers,” elaborated Umang Moondra, CEO of APIX https://digitalinasia.com/.
“It also levels the playing field for innovators by providing direct access to core elements of innovation such as SBI’s secure Sandbox and a suite of APIs, empowering developers to build solutions that resonate with consumers globally and promote financial inclusion,” he said at the launch on 6 Nov https://sbi.com.in/ .
While APIX has collaborated with many world-leading financial institutions, and fintechs, partnering with a major institution like SBI and delivering a unique platform dedicated to its needs is a tremendous achievement, he underlined.
The hub is to provide dedicated space for fintechs, startups, and innovators worldwide to design next-generation financial solutions tailored to meet the digital needs of SBI’s diverse customer base.
The initiative is aimed at driving financial innovation and digital transformation as well as advancing financial inclusion, said SBI.
Designed to accelerate digital transformation, the SBI Innovation Hub allows participants to leverage SBI’s 250+ financial service APIs to develop and customize solutions within a secure Sandbox environment.
Through structured challenges, hackathons, and partnership opportunities, the platform provides fintechs and startups with unique pathways to gain recognition, compete for official partnerships, and ultimately reach millions of users across India. Fiinews.com
