APIX is a banking technology designed to reach two billion people worldwide who are still without bank accounts. APIX has been designed by software experts based in Hyderabad, Colombo and London.
Prime Minister Narendra Modi on Wednesday launched APIX at Singapore FinTech Festival 2018. While addressing 30,000 people at the world's largest gathering of financial technology in Singapore, PM Modi launched a banking solution for two billion people without bank accounts worldwide.
But what is it and how will it work?
APIX is a banking technology designed to reach two billion people worldwide who are still without bank accounts. APIX has been designed by software experts based in Hyderabad, Colombo and London.
Boston-headquartered Virtusa designed APIX focussing upon smaller banks, Tier 3 and 4, to reach out to people in the remote regions.
APIX will support banks to reach out to those without bank accounts in 23 countries including the 10 ASEAN members as well as major markets such as India, and small nations including Fiji, said Menon.
Singapore Fintech Festival (SFF) was launched in 2016. It is in its third edition. It is already the world’s largest event on financial technology – or fintech. In 2017, the event drew as many as 30,000 participants from over 100 countries.
The SFF 2018 will take place from 12-16 November 2018, with the conference taking place from 12-14 November 2018.
FinTech festival 2018 will feature over 30,000 participants from over 100 countries. Participants include 230 leading experts from public policy, finance and technology over 70 sessions. Additionally, about 400 exhibitors from about 40 countries will be there. 16 countries are setting up country pavilions.
There are 18 Indian fintech firms.At the Indian Pavilion, FICCI and Monetary Authority of Singapore are the principal aggregators.
With 18 participants, India Pavilion has the highest number of companies among the 16 country pavilions in the Exhibition. The other 16 Indian participants would be located in thematic sections relating to their areas of interest.
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 "PM Narendra Modi launches APIX: What is it and how will it help 2 billion people without bank accounts")
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