SINGAPORE, November 6, 2024 – The State Bank of India (SBI), India’s largest bank, has launched the ‘SBI Innovation Hub’ in collaboration with APIX, a global platform dedicated to fintech innovation. Announced at the Singapore Fintech Festival, this initiative aims to create a collaborative space where fintechs, startups, and global innovators can design and develop cutting-edge financial solutions tailored for SBI’s vast and diverse customer base.
The SBI Innovation Hub is positioned as a driver of digital transformation and financial inclusion, equipping participants with over 250 APIs from SBI’s suite of financial services. Operating within a secure Sandbox environment, the platform allows innovators to build, test, and refine next-generation financial solutions. Through a series of structured challenges, hackathons, and partnership opportunities, the hub will give startups a unique chance to collaborate with India’s largest bank, gain market recognition, and reach millions of potential customers across India.
Mrs Vidya Krishnan, SBI’s Deputy Managing Director of IT, underscored the hub’s importance in SBI’s broader digital strategy. “The Innovation Hub is a key step in our mission to drive digital transformation and foster innovation across banking and financial services. By providing a single access point for fintechs and startups, we are simplifying the onboarding process and enabling impactful, customer-centric solutions that cater to modern banking needs.”
APIX CEO Umang Moondra praised the partnership, highlighting its groundbreaking potential: “Collaborating with SBI has allowed us to develop a unique platform that democratises access to key elements of financial innovation. By offering fintechs direct access to SBI’s secure Sandbox and extensive API library, we’re enabling developers to create solutions that resonate globally and promote financial inclusion.”
SBI has built a robust digital ecosystem over the years, with YONO, its digital and lifestyle platform, serving more than 77 million users and handling a significant proportion of the bank’s new savings accounts. SBI’s commitment to digital transformation has resulted in extensive online banking adoption, with 128 million internet banking users and 274 million mobile banking users. Through the SBI Innovation Hub, the bank is now accelerating its efforts to reach underserved communities and enhance the accessibility of financial services.
The new hub underscores SBI’s commitment to driving technological advancements in finance, with the partnership offering a direct line for fintechs to engage with one of the world’s largest banks. This launch aligns with SBI’s strategy to leverage digital platforms to foster an inclusive financial ecosystem while encouraging innovation within the fintech sector.