The State Bank of India (SBI) has partnered with APIX, a global innovation platform connecting financial institutions and fintechs, to launch the SBI Innovation Hub at the Singapore Fintech Festival.
The hub will serve as a space for fintechs, startups, and innovators to create new financial solutions for SBI’s customer base.
The SBI Innovation Hub will provide access to over 250 of SBI’s financial service APIs, a secure sandbox environment for testing, and opportunities to participate in challenges and hackathons.
The goal of the hub is to accelerate digital transformation and advance financial inclusion.
Vidya Krishnan, Deputy Managing Director, IT at SBI, said,
“The Innovation Hub of State Bank of India is a key step in our digital transformation mission to foster innovations across our banking and financial services.
The platform’s capability for mutual discovery of APIs will enable the bank and group companies to collaborate with global innovators to create and build solutions that are innovative, impactful, and highly customer centric..”
Umang Moondra, CEO of APIX, said,
“The result of our collaboration is an exciting and pioneering innovation hub that represents a groundbreaking opportunity for fintechs and innovators to engage with one of the world’s largest banks in a way that will benefit millions of customers.
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.”
Featured image credit: Edited from Freepik
