Addressing 1.7 Billion Unbanked Adults
Prime Minister of India, Narendra Modi, launched the API Exchange, the world’s first cross-border, open-architecture marketplace and sandbox platform at the Singapore Fintech Festival 2018.
APIX is a platform of the ASEAN Financial Innovation Network, which was established earlier this year by the International Finance Corporation (IFC), the Monetary Authority of Singapore, and the ASEAN Bankers Association as founding members. Japan, the Netherlands and the U.K. have provided funding.
The platform also encourages them to co-design and experiment with new financial products and services within a virtual and secure sandbox environment. The latest Global Findex 2017 report shows that about 1.7 billion adults are still unbanked – about half of whom are women.
Connecting With ASEAN Banks
Prime Minister Narendra Modi’s endorsement has highlighted policy maker’s support for innovation and is expected to spur Indian start-ups to connect with ASEAN banks and financial institutions via the platform. India is home to 190 million unbanked adults, the second highest number in the world.
During this year's Singapore Fintech Festival, APIX attracted over 56 financial institutions and 157 fintechs to pre-register for the platform.
