RT team
At the Singapore Fintech Festival, Indian firms, spearheaded by the State Bank of India (SBI), are forging new fintech collaborations, with SBI unveiling its new innovation hub. This initiative, created in collaboration with APIX, a leading global innovation platform based in Singapore, took place from November 6-8.
The SBI Innovation Hub provides a dedicated environment for fintechs, startups, and innovators from around the globe to develop cutting-edge financial solutions that cater to the digital requirements of SBI’s extensive customer base.
This new venture aims to propel financial innovation and digital advancement while promoting broader financial inclusion, according to SBI officials.
The hub is designed to fast-track digital innovation, offering participants access to over 250 of SBI’s financial service APIs within a secure testing environment. This setup fosters the development of tailored solutions through various activities like hackathons, structured challenges, and opportunities for partnerships.
During the virtual launch, Vidya Krishnan, Deputy Managing Director of IT at SBI, emphasized that the Innovation Hub is central to SBI’s strategy for digital transformation. The hub facilitates collaboration between the bank, its group companies, and global innovators, streamlining the integration process and enhancing the discovery of mutual APIs to develop solutions that are both innovative and focused on customer needs.
Umang Moondra, CEO of APIX, highlighted the significance of their collaboration with SBI, noting that the innovation hub is a major step forward for global fintechs and innovators to connect with one of the world’s largest banking networks, promoting equal opportunities and financial inclusivity.
In related news, Gupshup, a company of Indian origin, has made significant strides in Singapore by partnering with Standard Chartered Bank to enhance the conversational AI landscape within the financial sector. This collaboration leverages Gupshup’s AI to manage complex banking interactions in real-time, improving customer service and operational efficiency. Gupshup’s use of domain-specific LLMs allows for the creation of context-aware AI assistants tailored to the precise needs of Singapore’s advanced banking industry, noted Ali Asgar Lightwalla, Senior Director of Sales for BFSI at Gupshup.
