The State Bank of India (SBI) has launched the SBI Innovation Hub, in collaboration with APIX, a platform that brings together financial institutions and FinTech companies. This new hub aims to support FinTechs, entrepreneurs and innovators from across the globe in creating cutting-edge financial products tailored to meet the digital demands of SBI’s diverse customer base.
The SBI Innovation Hub is crafted to accelerate digital transformation by offering innovators a secure Sandbox environment featuring over 250 financial service Application Programming Interfaces (APIs) from SBI. Through this platform, FinTechs and startups can develop and refine their solutions in real-time, participate in structured challenges, and compete for strategic partnerships with SBI. These initiatives not only spotlight emerging innovators, but also enable them to reach millions of potential users in India.
Vidya Krishnan, Deputy Managing Director—IT, SBI, stated, “The Innovation Hub is a critical element of our mission to drive digital transformation across our banking and financial services. This platform allows for mutual discovery of APIs, enabling SBI and its group companies to work closely with global innovators to deliver solutions that are both innovative and highly customer-focussed. The onboarding process is streamlined to provide FinTechs and startups with a single touchpoint for collaboration.”
The SBI Innovation Hub is poised to become a central destination for global FinTech innovation, fostering a digitally inclusive ecosystem through ground-breaking collaborations and financial technology advancements.
Umang Moondra, CEO, APIX, also said, “Partnering with SBI is a landmark achievement for APIX. This Innovation Hub creates a space where FinTech innovators can directly engage with SBI’s core infrastructure. It empowers developers to build solutions that are not only relevant to the market, but also inclusive, supporting our shared vision of enhancing financial accessibility for millions.”
