What is APIX Technology (Download PDF)

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APIX (Application Programming Interface Exchange) is a banking technology platform launched at Fintech Festival in Singapore. Fintech platform aims to connect companies to financial institutions globally & become banking solution for 2 billion people w/o bank accounts worldwide.

Image of Open Banking APIX

Image of Open Banking APIX

Image of Open Banking APIX

Fintech Festival is largest gathering of global Fintech companies & delegates ranging from industry leaders to smaller start-ups.

APIX (Application Programming Interface Exchange)

  • APIX is global fintech platform to connect companies to financial institutions globally.

  • It aims to become banking solution for 2 billion people w/o bank accounts worldwide.

  • It is developed by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 & 4, to reach out to people in remote regions.

  • It is designed by software experts based in Hyderabad, Colombo & London.

  • APIX is touted as online global fintech marketplace & sandbox platform for financial institutions (FIs).

  • It is claimed to be world’s 1st cross-border, open-architecture platform which will enable:

  • FIs & fintech companies to connect to one another thru globally curated marketplace.

  • Collaborative experiments in sandbox among financial industry participants.

  • Adoption of APIs to drive digital transformation & financial inclusion across Asia-Pacific.

Benefits of APIX

  • It is designed to facilitate collaboration b/w financial institutions & fintechs, by putting diff. fintech offerings into democratised marketplace.

  • It will help to create more collaborative in fintech ecosystem, where fintechs from diff. areas can help bolster each other by helping w/discovery, design & deployment of innovative solutions together.

  • It will allow all fintech-affiliated firms be it financial institutions to startups to access service that suits their needs, regardless of distance.

  • It will support banks to reach out to those w/o bank accounts in 23 countries including 10 ASEAN members as well as major markets such as India & small nations including Fiji.

- Published/Last Modified on: January 11, 2019

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