PM launches APIX banking technology platform at Fintech Festival in Singapore
Prime Minister Narendra Modi launched APIX (Application Programming Interface Exchange), a banking technology platform at Fintech Festival in Singapore. The fintech platform aims to connect companies to financial institutions globally and become a banking solution for two billion people without bank accounts worldwide. Fintech Festival is largest gathering of global Fintech companies and delegates ranging from the industry leaders to smaller start-ups.
APIX (Application Programming Interface Exchange)
- APIX is global fintech platorm to connect companies to financial institutions globally. It aims to become a banking solution for two billion people without bank accounts worldwide.
- It is developed by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 and 4, to reach out to people in the remote regions. It is designed by software experts based in Hyderabad, Colombo and London
- APIX is touted as online global fintech marketplace and sandbox platform for financial institutions (FIs). It is claimed to be world’s first cross-border, open-architecture platform which will enable:
- FIs and fintech companies to connect to one another through globally curated marketplace.
- Collaborative experiments in sandbox among financial industry participants.
- Adoption of APIs to drive digital transformation and financial inclusion across Asia-Pacific.
Benefits of APIX
- It is designed to facilitate collaboration between financial institutions and fintechs, by putting different fintech offerings into democratised marketplace.
- It will help to create more collaborative in fintech ecosystem, where fintechs from different areas can help bolster each other by helping with discovery, design and deployment of innovative solutions together.
- It will allow all fintech-affiliated firms be it financial institutions to startups to access a service that suits their needs, regardless of distance.
- It will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji.