Mumbai/ Singapore/ London | November 06, 2024: State Bank of India (SBI), the country’s largest bank, launches ‘SBI Innovation Hub’ in partnership with APIX, a leading global collaborative innovation platform for financial institutions and fintechs. SBI Innovation Hub provides a dedicated space for fintechs, startups, and innovators worldwide to design next-generation financial solutions tailored to meet the digital needs of SBI’s diverse customer base. The initiative is aimed at driving financial innovation and digital transformation as well as advancing financial inclusion.
Designed to accelerate digital transformation, the SBI Innovation Hub allows participants to leverage SBI’s 250+ financial service APIs to develop and customize solutions within a secure Sandbox environment. Through structured challenges, hackathons, and partnership opportunities, the platform provides fintechs and startups with unique pathways to gain recognition, compete for official partnerships, and ultimately reach millions of users across India.
Mrs. Vidya Krishnan, Deputy Managing Director, IT at SBI, said, “The Innovation Hub of State Bank of India is a key step in our digital transformation mission to foster innovations across our banking and financial services. The platform’s capability for mutual discovery of APIs will enable the bank and group companies to collaborate with global innovators to create and build solutions that are innovative, impactful, and highly customer centric. We are simplifying the onboarding process by providing a single touchpoint for fintechs and startups.”
Expressing his excitement for the partnership, Umang Moondra, CEO of APIX, said, “While APIX has collaborated with many world-leading financial institutions, and fintechs, partnering with a major institution like SBI and delivering a unique platform dedicated to its needs is a tremendous achievement. The result of our collaboration is an exciting and pioneering innovation hub that represents a groundbreaking 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 core elements of innovation such as SBI’s secure Sandbox and a suite of APIs, empowering developers to build solutions that resonate with consumers globally and promote financial inclusion.”
For more information about the SBI Innovation Hub, please visit https://innohub.sbi/.
About State Bank of India
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also one of the largest mortgage lenders in the country, having fulfilled the home-buying dreams of around 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 7.39 lakh crore. As of June 2024, the bank has a deposit base of over Rs. 49.01 lakh crore with a CASA ratio of 40.70% and advances of more than Rs. 38.12 lakh crore. Ranked as the 4th most trustworthy company in the world, SBI commands a market share of 26.3% and 19.6% in home loans and auto loans, respectively. SBI has the largest network of 22,500+ branches and 62,000+ ATMs / ADWMs in India, with close to 83,000 BC outlets. The number of customers using internet banking and mobile banking stands at 128 million and 274 million, respectively. With SBI’s digital strategy right on track, the bank witnessed 63% of new savings accounts being opened through the integrated digital and lifestyle platform YONO in Q1FY25. YONO, which has more than 7.76 crore registered users, witnessed 34.9 lakh new YONO registrations in Q1 2025. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 1,399 crores through YONO during Q1 FY25. SBI also has the highest number of followers on Facebook and X amongst all banks worldwide.
About APIX
APIX is a premier open innovation platform that connects fintech developers with financial institutions, fostering collaboration and driving innovation in financial services. With a history of creating impactful solutions for consumers, APIX continues to be a key player in advancing the fintech ecosystem. For more information visit the website: https://apixplatform.com
