PM Modi to launch APIX, for 2 billion people without bank accounts

Singapore: Prime Minister Narendra Modi will address some 30,000 people at the world’s largest gathering of financial technology companies in Singapore this week and launch a banking solution for two billion people without bank accounts worldwide.

Prime Minister Modi will be in Singapore from November 14 to 15 to attend a series of summits, including the East Asian summit and ASEAN meetings.

He is scheduled to speak at the Fintech Festival which has the largest gathering of global Fintech companies and delegates ranging from the industry leaders to smaller start-ups.

He will address 30,000 people at the festival, the biggest event of its kind in the world, the organisers said.

India with 400 exhibitors is the largest contingent at the event.

Modi will launch APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts.

Designed by software experts based in Hyderabad, Colombo and London, APIX is a sophisticated technology by Boston-headquartered Virtusa, especially for smaller banks, Tier 3 and 4, to reach out to people in the remote regions.

The Prime Minister will be launching the technology at the invitation of Monetary Authority of Singapore, the International Finance Corp of the World Bank and the ASEAN Banking Association, said Nikhil Menon, Virtusa’s senior vice president and Asia regional head.

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.

Supporting Modi’s presence at the festival is India Pavilion of 18 companies.

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Source:Zee news

Narendra Modi

Narendra Modi