2 weeks Ago By Press Trust of India
Indian businesses are setting up fintech partnerships at the Singapore Fintech Festival led by the State Bank of India’s launch of an innovation hub in the city-state. The State Bank of India (SBI) Innovation Hub was launched in partnership with APIX, a Singapore-based leading global collaborative innovation platform for financial institutions and fintechs at the festival, being held November 6-8. It is to provide dedicated space for fintechs, startups, and innovators worldwide to design next-generation financial solutions tailored to meet the digital needs of SBI’s diverse customer base.
The initiative is aimed at driving financial innovation and digital transformation as well as advancing financial inclusion, SBI said. Designed to accelerate digital transformation, the SBI Innovation Hub allows participants to leverage SBI’s 250 plus financial service APIs to develop and customise solutions within a secure sandbox environment. Through structured challenges, hackathons, and partnership opportunities, the platform provides fintechs and startups with unique pathways to gain recognition, compete for official partnerships, and ultimately reach millions of users across India.
Vidya Krishnan, Deputy Managing Director, IT at SBI, said virtually at the launch, “The Innovation Hub of State Bank of India is a key step in our digital transformation mission to foster innovations across our banking and financial services. “The platform’s capability for mutual discovery of APIs will enable the bank and group companies in collaborating with global innovators to create and build solutions that are innovative, impactful, and highly customer centric. We are simplifying the onboarding process by providing a single touchpoint for fintechs and startups.
” Umang Moondra, CEO of APIX, said, “While APIX has collaborated with many world-leading financial institutions, and fintechs, partnering with a major institution like SBI and delivering a unique platform dedicated to its needs is a tremendous achievement. “The result of our collaboration is an exciting and pioneering innovation hub that represents a groundbreaking opportunity for fintech and innovators to engage with one of the world’s largest banks in a way that will benefit millions of customers. “It also levels the playing field for innovators by providing direct access to core elements of innovation such as SBI’s secure sandbox and a suite of APIs, empowering developers to build solutions that resonate with consumers globally and promote financial inclusion,” he said that the launch.
Separately, Indian-origin Gupshup said it has established a strong foothold in Singapore’s rapidly evolving conversational AI landscape, particularly making waves in the financial services sector with a partnership with Standard Chartered Bank. The partnership will showcase Gupshup’s expertise, where its AI-powered digital assistant handles complex banking queries in real-time, significantly enhancing customer experience and operational efficiency. Gupshup’s specialisation in domain-specific Large Language Models (LLMs) enables creation of highly contextualised AI assistants that understand sector-specific nuances and compliance requirements.
“This specialised approach has proven particularly valuable in Singapore’s sophisticated banking sector, where precision and regulatory compliance are paramount,” said Ali Asgar Lightwalla, Senior Director of Sales for BFSI. “Beyond banking, Gupshup’s innovative conversational AI solutions are transforming customer engagement across various sectors in Singapore, from retail and healthcare to logistics, helping businesses automate customer interactions while maintaining personalisation and service quality.”.
