In the latest episode of The Connector Podcast, Koen Vanderhoydonk speaks with Sourav Ghosal, who leads commercial and business operations at APIX, an online platform based in Singapore. APIX aims to foster collaboration between financial institutions, fintechs, and educational organizations worldwide.
Sourav explains that APIX helps its clients, including large banks, insurers, and regulators, discover emerging solutions and innovate efficiently. The platform allows these organizations to host hackathons and use its Digital Sandbox to expose datasets, enabling startups to develop applications and collaborate.
With over 1,800 startups from more than 90 countries, APIX has established a vibrant ecosystem since its inception in 2017. Originally created by the Monetary Authority of Singapore and the World Bank, the platform serves as a safe space for experimentation. APIX has expanded beyond Singapore, facilitating collaboration across Southeast Asia and other regions, including India, Europe, and North America.
Sourav highlights key benefits for financial institutions using APIX:
Solving Complex Challenges: Financial institutions can host innovation challenges to find vendors that address difficult business problems.
Accessing Talent: APIX helps organizations quickly find top technology talent, enabling them to hire skilled developers efficiently.
Cultural Shift towards Innovation: APIX encourages all employees to contribute ideas for improvement, fostering an environment of innovation.
Market Positioning: Participating in global innovation challenges signals a commitment to innovation, enhancing customer satisfaction and stakeholder perception.
As the conversation wraps up, Sourav shares three best practices for organizations starting their innovation journeys:
Start small with manageable pilot projects.
Create a safe external environment for experimentation.
Encourage inclusivity by involving diverse participants in the innovation process.
This conversation highlights how APIX is transforming collaboration in the financial services industry, paving the way for innovative solutions and stronger partnerships. Listen to the full episode here.