The State Bank of India (SBI) has unveiled the SBI Innovation Hub, a new initiative in collaboration with APIX, a global platform connecting financial institutions and FinTechs. This hub is designed to foster the creation of next-generation financial solutions aimed at meeting the digital needs of SBI’s extensive customer base.
The Innovation Hub provides a unique opportunity for FinTechs, startups, and innovators from around the world to leverage SBI’s 250+ financial service APIs. Through a secure sandbox environment, participants can develop and customize innovative solutions, contributing to the bank’s mission of digital transformation and financial inclusion.
By offering structured challenges, hackathons, and partnership opportunities, the platform provides FinTechs with pathways to gain recognition, compete for official partnerships, and scale solutions to millions of customers across India.
Vidya Krishnan, Deputy Managing Director, IT at SBI, emphasized that the initiative is a significant step in the bank’s digital journey. She stated, “The Innovation Hub is pivotal in fostering collaboration and the development of innovative, customer-centric solutions. It simplifies the onboarding process, offering a single point of contact for FinTechs and startups.”
Umang Moondra, CEO of APIX, highlighted the unique opportunity the collaboration presents, noting, “This partnership with SBI marks a landmark achievement. The Innovation Hub not only offers global innovators access to SBI’s APIs and secure Sandbox but also empowers them to develop solutions that drive financial inclusion and reach consumers on a global scale.”
The SBI Innovation Hub is set to play a key role in shaping the future of financial services, promoting creativity, collaboration, and digital innovation.
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