Singapore: In a significant move to strengthen fintech collaborations, the State Bank of India (SBI) has launched a new innovation hub at the Singapore Fintech Festival. This initiative aims to foster innovative financial solutions tailored to SBI’s diverse customer base developed in partnership with Singapore-based APIX, a premier global platform connecting financial institutions and fintech firms.
The SBI Innovation Hub provides a dedicated space for fintechs, startups, and innovators to create next-generation digital solutions, accelerating SBI’s mission for digital transformation and financial inclusion. The hub will allow participants to leverage SBI’s extensive network of over 250 APIs, enabling developers to design and test solutions in a secure, sandbox environment.
According to Vidya Krishnan, Deputy Managing Director of IT at SBI, this hub is a strategic move to enhance collaboration across SBI’s various services. "The platform’s streamlined API discovery will facilitate partnerships with global innovators, creating impactful, customer-centered solutions," she said, adding that the onboarding process for fintechs and startups has been simplified to promote accessibility.
Umang Moondra Praise Partnership With SBI
Umang Moondra, CEO of APIX, lauded the partnership with SBI as a landmark achievement, highlighting the hub’s unique potential to provide fintech firms direct access to one of the world’s largest banks. "This collaboration levels the playing field by offering access to SBI’s sandbox and API suite, empowering developers to create solutions that serve global consumers while advancing financial inclusion," Umang Moondra stated.
Festival Saw Participation Of Gupshup, AI-driven Conversational Platform
Additionally, the festival saw the participation of Gupshup, an AI-Driven conversational platform, which has solidified its presence in Singapore’s financial services sector through a partnership with Standard Chartered Bank. This collaboration showcases Gupshup’s AI-powered digital assistant, which improves customer experience by handling complex banking inquiries in real-time. Ali Asgar Lightwalla, Senior Director of Sales for BFSI at Gupshup, explained that their domain-specific large language models (LLMs) allow for AI assistants that are attuned to sector-specific compliance and customer needs, which is crucial for the banking industry in Singapore.
Beyond banking, Gupshup’s conversational AI technology is also transforming customer engagement across industries such as retail, healthcare, and logistics in Singapore, helping businesses enhance operational efficiency while maintaining a personalized customer experience.
Source-PTI
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