Indian businesses are setting up fintech partnerships at the Singapore Fintech Festival led by the State Bank of India’s launch of an innovation hub in the city state.
The SBI Innovation Hub was unveiled in collaboration with APIX, a leading Singapore-based global platform for financial institutions and fintechs, at the event taking place from 6 to 8 November.
The hub is designed to provide dedicated space for fintechs, startups, and innovators worldwide to develop next-generation financial solutions tailored to the digital needs of SBI’s diverse customer base.
This initiative aims to drive financial innovation, accelerate digital transformation, and advance financial inclusion, according to SBI.
Participants in the SBI Innovation Hub can access over 250 financial service APIs within a secure sandbox environment to develop and customise solutions.
The platform also offers structured challenges, hackathons, and partnership opportunities, creating unique pathways for fintechs and startups to gain recognition, secure partnerships, and reach millions of users in India.
Speaking virtually at the launch, Vidya Krishnan, Deputy Managing Director of 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 impactful, customer-centric solutions. We are simplifying the onboarding process by providing a single touchpoint for fintechs and startups.”
APIX CEO, Umang Moondra, noted, “While APIX has collaborated with many world-leading financial institutions and fintechs, partnering with a major institution like SBI and delivering a dedicated platform for its needs is a tremendous achievement.”
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