Indian PM Modi to launch APIX for two billion people without bank accounts at Singapore Fintech Festival

Indian Prime Minister Narendra Modi will address about 30,000 people at the ongoing Singapore Fintech Festival. He will also be launching a banking solution for two billion people without bank accounts worldwide on November 15.

Modi will be on an official two-day visit to Singapore from tomorrow. He will attend a series of summits including East Asia Summit and ASEAN meetings.

Indian Prime Minister Narendra Modi. Photo courtesy: indianpm.gov.in
Indian Prime Minister Narendra Modi. Photo courtesy: indianpm.gov.in

Modi will launch APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts.

APIX is a sophisticated technology developed by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 and 4, to reach out to people in the remote regions. It has been designed by software experts based in Hyderabad, Colombo and London.

PM Modi will be launching the technology at the invitation of Monetary Authority of Singapore, the International Finance Corp of the World Bank and the ASEAN Banking Association.

APIX will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji, said Menon.

Earlier, Ravi Menon, Managing Director of Monetary Authority of Singapore (MAS) informed about the launch of APIX during his address at the Singapore Fintech festival yesterday.

Ravi Menon, Managing Director of Monetary Authority of Singapore (MAS) speaking at the Singapore Fintech Festival. Photo courtesy: Singapore Fintech Festival
Ravi Menon, Managing Director of Monetary Authority of Singapore (MAS) speaking at the Singapore Fintech Festival. Photo courtesy: Singapore Fintech Festival

Talking about APIX, Menon said, “It is the world’s first cross-border, open architecture platform to enhance financial inclusion. APIX is both an online FinTech Marketplace and FinTech Sandbox.  As a marketplace, it will enable FIs to discover and connect with FinTech firms through APIs on a globally curated platform. As a sandbox, it provides a platform for FIs and FinTech firms to collaborate and experiment on solutions in a contained environment."

Meanwhile, India is the largest contingent at the Singapore Fintech festival with 400 exhibitors. There is also an India Pavillion of 18 companies.
 

Eight of these companies are from Mumbai. The Pavilion is organised by the state-owned Maharashtra Information Technology Corp Ltd (MahaIT).

Mumbai Fintechs at the festival are seeking opportunities in the global markets, said MahaIT Fintech Officer Suniti Nanda.

"Mumbai, as a financial hub, is also a gateway for international fintech companies to enter the Indian market," Nanda said, adding that the festival gives opportunities both to understand global market requirements and present the potential of large-scale Indian consumers.