The Connector Podcast: A Conversation with Sourav Ghosal on Revolutionising FinTech Collaboration
Sourav Ghosal, our Head of Commercial and Strategy at APIX was invited to a recent episode of the Connector Podcast, and he shared his view on the transformative role of APIX in the FinTech industry and more.
From fostering innovation through digital sandboxes to facilitating global collaboration among financial institutions and FinTech startups, this episode offers valuable insights into the future of financial services.
Continue reading below for key discussion points or tune in to the podcast here:
Journey and Expansion of APIX
- Foundation and Growth: APIX was originally founded in 2017 by the Monetary Authority of Singapore and the IFC; and designed to create a safe space for experimentation in the FinTech industry. It is now a fintech startup that aims to continue building on its vision to Collaborate to Innovate. Initially focused on Singapore, APIX has now expanded to service institutions across Southeast Asia and beyond. Sourav discusses the company’s new collaboration opportunities in Europe, the Middle East, Africa, and North America.
- Global Reach and Impact: APIX boasts an ecosystem with over 1,800 startups and FinTech from more than 90 countries. Their main clients include large financial institutions, regulators, and educational institutions globally, who leverage the platform for innovation and collaboration.
- Innovative Solutions: The platform supports hackathons, innovation challenges, innovation programmes, and a digital sandbox for FinTechs to experiment and test their solutions.
Benefits for Financial Institutions
- Solving Complex Problems: APIX enables banks and financial institutions to host challenges that attract global vendors to solve difficult business and technical issues, such as compliance and security. Namely, NPCI, one of the largest payment processors in the world, utilized the platform to launch the PayAuth Challenge, a unique competition designed to aid the development of their biometric and security authentication software.
- Talent Acquisition: The platform helps organisations like Goldman Sachs find and hire top-quality technology developers quickly and efficiently.
- Cultural Transformation: By hosting internal innovation challenges, APIX fosters a culture of innovation within large organizations, empowering employees to contribute ideas that improve business operations and customer experiences. They’ve done this for the likes of Prudential, one of the largest insurers across Asia.
- Market Differentiation: Utilising APIX’s platform for innovation challenges and hackathons enhances the institution’s market image, demonstrating a commitment to state-of-the-art solutions and customer service.
Best Practices for Starting Innovation
- Start Small: Begin with pilot projects to build initial success and gradually scale up.
- Safe Experimentation: Conduct experiments in a neutral, secure environment that mirrors the business’s actual environment without risking day-to-day operations.
- Inclusivity: Leverage a global perspective by including diverse ideas and backgrounds in innovation efforts.
By embracing these practices and leveraging platforms like APIX, financial institutions can stay ahead in the ever-evolving FinTech landscape. Tune in to the full podcast episode for more insights and practical advice on fostering innovation in your organization.
For listeners interested in collaborating to innovate, whether through hackathons, innovation challenges, or digital sandboxes, contact us here. Accelerate your innovation journey today with APIX’s robust platform, global network and hackathon-as-a-service today!