In a major move to accelerate digital transformation, the State Bank of India (SBI) recently launched the SBI Innovation Hub, a digital platform designed in collaboration with APIX Platform, a leading innovation platform based in Singapore. At the helm of APIX is CEO Umang Moondra, who has a mission to connect financial institutions and fintechs across the globe and drive growth through collaborative innovation. Through this partnership, Moondra and his team at APIX aim to provide a platform where innovators can access a secure sandbox, over 250 of SBI’s application programming interfaces (APIs), and a collaborative environment to develop, test, and deploy financial solutions. Announced at the Singapore Fintech Festival, the SBI Innovation Hub reflects SBI’s commitment to modernisation and APIX’s role in leading collaborative innovation within financial services.

Vision and goals of the SBI Innovation Hub

At the core of the SBI Innovation Hub lies a shared vision between SBI and APIX to address a transforming India’s financial services needs through collaborative innovation. For SBI, the Innovation Hub aligns with its mission to “bank for a transforming India,” empowering a customer base that spans urban centres to rural villages. With over 500 million customers, SBI sees the platform as a pathway to further modernise its services and deliver solutions that respond to the unique needs of its diverse user base.

Moondra expressed the importance of this collaboration: “Working with an institution as large as SBI offers an unparalleled opportunity to drive meaningful change in financial services. With SBI’s scale and APIX’s technological foundation and global ecosystem, we aim to empower startups globally to engage directly with a major financial institution, creating solutions that resonate with a 500 million-strong customer base”. The Innovation Hub also reflects APIX's mission to push the boundaries of financial innovation, leveraging a dynamic platform that promotes customer-centric solutions and a forward-thinking approach to banking.

Key features and resources of the platform

The SBI Innovation Hub is built around a suite of resources tailored to accelerate the development of fintech solutions. Among these, the platform provides fintechs and startups access to over 250 APIs that support a range of services, from payments and lending to customer management and security. By simplifying the traditionally complex processes of API access and integration, the Innovation Hub enables faster innovation cycles and minimises barriers for new entrants.

One of the standout features of the platform are its secure sandboxes, which allow innovators to develop and test their solutions in a controlled environment. “Typically, a fintech would take months just to secure a meeting or gain access to a bank’s resources. Through the sandbox and mutual discovery platform, innovators can now onboard and start building proof-of-concept solutions immediately,” Moondra explained. The platform also includes a marketplace where fintechs can showcase their solutions, making their offerings visible across SBI’s departments. This mutual discovery approach benefits both fintechs, who gain exposure and access, and SBI, which can more easily identify potential partners within its ecosystem.

In addition to the API suite and sandboxes, the Innovation Hub hosts regular innovation challenges and hackathons. These events tackle specific banking challenges—such as enhancing cybersecurity measures or detecting loan defaulters—and invite participants to compete for partnerships and recognition within SBI’s ecosystem. This approach enables fintechs to not only showcase their technical abilities but also to solve real-world banking issues within a guided framework that fast-tracks collaboration.

Collaboration and partnership opportunities

The Innovation Hub fosters a unique collaborative ecosystem where fintechs and startups are encouraged to engage directly with SBI. With its vast customer reach, SBI offers fintechs a pathway to scale solutions and implement impactful financial services in real-world settings. From APIX’s perspective, the platform is structured to continually adapt and include new innovations, ensuring that the platform remains relevant and useful as technology advances.

APIX is committed to updating the platform with new capabilities, such as artificial intelligence and blockchain functionalities, that will expand the scope of potential solutions. “As the Innovation Hub grows, it will offer SBI access to a wider range of fintechs and startups, which brings a richer, more diverse pool of ideas and approaches to problem-solving,” Moondra explained. By fostering these partnerships, SBI aims to stay ahead in a rapidly evolving market while maintaining the agility necessary to respond to emerging technologies and changing consumer needs.

The collaborative model also includes an automated onboarding process for fintechs aiming to become long-term partners of SBI. This streamlined process replaces the traditionally slow and manual procedures, enabling qualified startups to integrate directly into SBI’s operational and technology frameworks. By lowering barriers to partnership, the Innovation Hub supports a more inclusive innovation ecosystem where both startups and established players can thrive.

Impact on financial inclusion and innovation

The SBI Innovation Hub has been structured not just to foster fintech collaboration, but to make a measurable impact on financial inclusion across India. As SBI serves a vast number of underserved communities, the platform is positioned to bring banking services to areas where access has traditionally been limited. India’s banking landscape has transformed significantly in recent years, with digital identity initiatives like Aadhaar and financial inclusion programmes such as Jan Dhan Yojana. Yet, there remains significant demand for accessible and affordable banking solutions, particularly in rural regions.

By enabling fintechs to address challenges like customer verification and remote banking solutions, the Innovation Hub allows SBI to extend its reach to millions of unbanked or underbanked individuals. Moondra noted that through cost-effective, secure solutions, SBI can integrate more people into the formal banking system, giving them access to credit and essential financial services. The innovation challenges and hackathons hosted on the platform provide fintechs with real-life scenarios to develop and deploy tools that can meet these needs, ultimately contributing to a more inclusive financial ecosystem.

Security and compliance with rigorous standards

Given the scale and scope of SBI’s operations, the Innovation Hub places a strong emphasis on security and regulatory compliance. The platform has been designed to meet stringent security protocols, ensuring that all fintech activity complies with India’s regulatory landscape and SBI’s internal standards. Moondra emphasised the extensive efforts dedicated to the platform’s security, stating, “For an institution with over 500 million customers, any compromise on security could have enormous repercussions. We have left no stone unturned to make sure the Innovation Hub upholds the highest levels of data protection and compliance”.

The secure sandbox environment within the platform is key to maintaining these standards. By isolating development from SBI’s core banking infrastructure, fintechs can test and refine their solutions without posing any risk to customer data or bank operations. This setup provides a safe environment where developers can experiment and troubleshoot their products, ensuring robust solutions before deployment in real-world scenarios.

Sustainable path to digital transformation

The SBI Innovation Hub represents more than just a digital collaboration platform; it embodies SBI’s long-term commitment to innovation and inclusion in India’s banking sector. As financial services evolve with the rise of artificial intelligence, digital assets, and other emerging technologies, the platform is set to grow in parallel, adapting to new market demands and offering continued support for innovation. APIX views this partnership as a foundation for future expansion, with plans to incorporate additional functionalities and extend its reach to other regions.

For SBI, the Innovation Hub aligns with its ambition to be a technology-driven bank that serves both rural and urban customers effectively. “The digital landscape is evolving faster than ever, and SBI understands that to remain relevant and impactful, it needs to innovate alongside global fintech talent,” Moondra explained. By investing in this collaboration, SBI and APIX have set a blueprint for how traditional banks can integrate with fintech to drive impactful change, creating a sustainable ecosystem where both parties contribute to and benefit from continuous growth.