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PM Modi launches a banking technology platform during his two-day visit to Singapore

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On Wednesday, Prime Minister Narendra Modi initiated an Application Programming Interface Exchange (APIX) in Singapore. It is one of the banking technology platforms which has been designed with a motive to connect to approx two billion people across the world especially to those who do not have bank accounts. On Wednesday, PM Modi along with the Deputy Prime Minister of Singapore T Shanmugaratnam inaugurated the technology programme and he was the first leader who delivered the lecture in the prestigious Fintech Festival here in Singapore.

External Affairs Ministry spokesperson Raveesh Kumar said in a tweet, “PM Narendra Modi launching APIX (Application Programming Interface Exchange), a global Fintech platform with Deputy PM of Singapore T Shanmugaratnam…he said that this APIX programme will play a key important role to connect our companies to financial institutions worldwide.”

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The newly launched programme named APIX is one of the banking technology platforms specifically designed with a motive to connect to two billion people across the world those who do not have the access to any of the bank accounts.

The APIX programme is designed by the software experts those who are based in Hyderabad, Colombo, and London. The technology programme is developed by the Boston-headquartered Virtusa.  The programme is designed in a manner wherein it is beneficial for the smaller banks and provides benefits to the people living in the remote areas of the world.

With the support from the APIX platform, smaller banks will be able to connect to those people who do not have any bank accounts in the 23 countries of the world including the 10 ASEAN members as well as major markets such as India, and small countries like Fiji, said the senior vice president and Asia regional head at Virtusa, Mr. Nikhil Menon.

PM Modi further added that Fintech can be used to ensure that no dream remains unfulfilled, and no enterprise faces lack of access to finance. Bank and all the financial institutions must be made more flexible in managing risks, fighting frauds and dealing with disruption of traditional models.

30,000 participants from over 100 countries in 2017 participated in the third edition of the Fintech Festival.

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