PM Modi Launches ‘APIX’ To Include 2 Bn Unbanked People Into The Fintech Wave

Prime Minister Narendra Modi has launched global fintech platform APIX — Application Programming Interface Exchange — with Deputy PM of #Singapore T.Shanmugaratnam. The platform aims to connect companies to financial institutions globally and become a banking solution for two billion people without bank accounts worldwide.

The PM was addressing a gathering of more than 30000 people at the Singapore Fintech Fest. He will be in Singapore for November 14-15 and will attend a series of summits including the East Asian summit and ASEAN meetings.

Hon’ble PM @narendramodi ji launching APIX (Application Programming Interface Exchange), a global fintech platform with Deputy PM of #Singapore Mr. T.Shanmugaratnam. APIX will eventually connect our companies to financial institutions globally. pic.twitter.com/YqS2aNXr2J

— Suresh Prabhu (@sureshpprabhu) November 14, 2018

The ASEAN Financial Innovation Network (AFIN) announced the launch of API Exchange (APIX) in September 2018.

For the uninitiated, AFIN is an initiative of IFC, a member of the World Bank Group, the ASEAN Bankers Association (ABA) and the Monetary Authority of Singapore (MAS). Its objective is to support experimentation and collaboration between regulated financial institutions and financial technology service providers.

APIX is touted as an online global fintech marketplace and sandbox platform for financial institutions (FIs). It is said to be the world’s first cross-border, open-architecture platform which will enable:

• FIs and fintech companies to connect to one another through a globally curated marketplace;
• Collaborative experiments in a sandbox among financial industry participants; and
• Adoption of APIs to drive digital transformation and financial inclusion across Asia-Pacific

A global consortium led by IT consulting firm Virtusa including digital banking solutions provider Fidor and Percipient, has been selected to develop and operate APIX. The consortium will apply proven technology solutions to support the transition of FIs towards API architecture and collaboration with other participants in the marketplace.

AFIN also announced a partnership with Abu Dhabi Global Market as the first regulator member of the APIX platform outside ASEAN.

“AFIN’s priority is to support financial services innovation and inclusion in emerging markets within the Asia Pacific region and to provide a platform for collaboration and innovation for financial institutions and FinTech firms. As a founding member, IFC remains committed to the goals and vision of AFIN,” said Vittorio Di Bello, IFC’s Financial Institutions Group Regional Industry Head, Asia & Pacific in an earlier media statement.