SBI launches Innovation Hub in tie up with APIX  

State Bank of India (SBI) has announced the launch of SBI Innovation Hub in partnership with APIX, a global collaborative innovation platform for financial institutions and fintechs. 

SBI Innovation Hub provides a 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.

The 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.

Vidya Krishnan, Deputy Managing Director, IT at SBI, in a statement said, “The Innovation Hub 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 in collaborating with global innovators to create and build solutions that are innovative, impactful, and highly customer centric. We are simplifying the onboarding process by providing a single touchpoint for fintechs and startups”.

Umang Moondra, CEO of APIX, said, “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.” 

Published - November 06, 2024 11:53 pm IST