By Elton Gomes
Prime Minister Narendra Modi, on Wednesday, launched the APIX technology while on a visit to Singapore. APIX stands for Application Programming Interface Exchange, and it is a banking technology platform designed to reach nearly two billion people around the world who do not have bank accounts.
Prime Minister Modi launched the platform alongside Singapore’s Deputy Prime Minister T. Shanmugaratnam after he became the first leader to address the Fintech Festival in Singapore.
“PM Narendra Modi launching APIX (Application Programming Interface Exchange), a global fintech platform with Deputy PM of Singapore T Shanmugaratnam… APIX will eventually connect our companies to financial institutions globally,” External Affairs Ministry Spokesperson Raveesh Kumar said in a tweet.
Modi launched APIX at the Fintech Festival where he was also scheduled to speak. The festival has the largest gathering of global fintech companies and delegates ranging from industry leaders to smaller start-ups.
The Prime Minister launched APIX at the invitation of Monetary Authority of Singapore, the International Finance Corp of the World Bank, and the ASEAN Banking Association, said Nikhil Menon, Virtusa’s senior vice president and Asia regional head.
What is APIX?
APIX is a banking technology platform that has been designed to reach two billion people, across the world, who do not have any bank accounts. The technology platform was designed by software experts from Hyderabad, Colombo, and London.
It is a sophisticated technology developed by Boston-headquartered Virtusa. APIX particularly caters to the needs of smaller banks and people living in Tier 3 and 4 cities and remote regions.
How will it work?
APIX has been designed to help banking institutions in reaching out to more people without bank accounts across 23 nations, including 10 ASEAN members as well as major markets like India and nations like Fiji, said Nikhil Menon, Virtusa’s senior vice president and Asia regional head, PTI reported.
India is your best destination: PM Modi to fintech companies
The Singapore Fintech Festival (SFF) was launched in 2016. Currently, in its third edition, the SFF is considered the world’s largest event in the field of fintech. In 2017, the event drew as many as 30,000 participants from over 100 countries. At this year’s event, India had the largest contingent with 400 exhibitors.
Modi was invited to deliver the keynote speech at the SFF. “It is a great honour to be the first Head of Government to deliver the keynote address at Singapore Fintech Festival,” the Prime Minister said at the beginning of the address, Business Standard reported.
The Prime Minister then spoke about the transformative of technology, “We are in an age of a historic transition brought about by technology.” He added, “The character of the global economy is changing. Technology is defining competitiveness and power in the new world. And it is creating boundless opportunities to transform lives,” as per the Business Standard report.
PM Modi said that fintech innovation and enterprise have flourished in India: “It has turned India into a leading fintech and startup nation in the world. The future of fintech and Industry 4.0 is emerging in India. I say this to all the fintech companies and startups – India is your best destination.”
Supporting Modi’s presence at the SFF was India Pavilion of 18 companies. Eight of these companies are from Mumbai. The Pavilion was organised by the state-owned Maharashtra Information Technology Corp Ltd (MahaIT).
At the festival, the eight companies from Mumbai are seeking opportunities to flourish in 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, PTI reported. She further said that the festival provides for opportunities to understand global market requirements and also showcases the potential of large-scale Indian consumers.
Elton Gomes is a staff writer at Qrius