The SBI Innovation Hub allows participants to leverage SBI’s 250+ financial service APIs to develop and customize solutions within a secure Sandbox environment
FinTech BizNews Service
Mumbai, 6 November, 2024: State Bank of India (SBI), the country’s largest bank launches ‘SBI Innovation Hub’ in partnership with APIX, a leading 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.
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.
Mrs. 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 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”.
Expressing his excitement for the partnership, 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. 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. 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."
