Indian companies are setting up fintech partnerships to 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 Center was launched in partnership with APIX, a leading Singapore-based global collaborative innovation platform for financial institutions and fintech, at the festival being held from November 6 to 8.
This is to provide a dedicated space for fintechs, startups and innovators from around the world to design next-generation financial solutions tailored to meet the digital needs of SBI’s diverse customer base.
The initiative aims to drive financial innovation and digital transformation as well as advance financial inclusion, the SBI said.
Designed to accelerate digital transformation, the SBI Innovation Center allows participants to leverage SBI’s 250+ financial services APIs to develop and customize solutions in a secure sandbox environment.
Through structured challenges, hackathons, and partnership opportunities, the platform provides fintechs and startups with unique ways to gain recognition, compete for official partnerships, and ultimately reach millions of users at across India.
Vidya Krishnan, Deputy Managing Director, IT, SBI, said virtually at the launch, “The State Bank of India Innovation Hub is a key milestone in our digital transformation mission to drive innovation in our banking and financial services.
“The platform’s ability to mutually discover APIs will enable the bank and group companies to collaborate with global innovators to create and build innovative, impactful and highly customer-centric solutions. We simplify the onboarding process by providing a single point of contact for fintechs. and startups.”
Umang Moondra, CEO of APIX, said, “While APIX has collaborated with many of the world’s leading financial and fintech institutions, partnering with a major institution like SBI and providing a unique platform dedicated to its needs is a tremendous success.
“The result of our collaboration is an exciting and pioneering innovation hub that represents a game-changing opportunity for fintechs 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 the fundamental elements of innovation such as SBI’s secure sandbox and a suite of APIs, enabling developers to create solutions that resonate with consumers around the world and promote financial inclusion,” he said. .
Separately, Indian-origin Gupshup said he has gained a foothold in Singapore’s rapidly evolving conversational AI landscape, particularly making waves in the financial services sector through a partnership with Standard Chartered Bank.
The partnership will showcase Gupshup’s expertise, where its AI-powered digital assistant processes complex banking queries in real-time, significantly improving customer experience and operational efficiency.
Gupshup’s specialization in domain-specific Large Language Models (LLMs) enables the creation of highly contextualized AI assistants that understand industry-specific nuances and compliance requirements.
“This specialized approach has proven particularly valuable in Singapore’s sophisticated banking sector, where accuracy and regulatory compliance are paramount,” said Ali Asgar Lightwalla, senior sales director at BFSI.
“Beyond banking, Gupshup’s innovative conversational AI solutions are transforming customer engagement across various industries in Singapore, from retail and healthcare to logistics, helping businesses automate customer interactions while maintaining personalization and quality of service.
