Virtusa Leads a Global Team That Will Develop and Operate APIX – the World’s First Cross-Border, Open-Architecture Platform to Improve Financial Inclusion


(NASDAQ GS: VRTU), a global provider of digital
strategy, digital engineering, and IT outsourcing services, that
accelerates business outcomes for its clients, today announced that it
will lead a global effort in creating the API Exchange (APIX), the
world’s first cross-border, open-architecture platform to improve
financial inclusion. The platform will include an online global FinTech
marketplace and sandbox platform. APIX will accelerate financial
services innovation and inclusion by enabling collaboration between
financial institutions and FinTech innovators.

“Virtusa is honored to be leading the effort to develop and operate
the APIX platform,” said Kris Canekeratne, chairman and CEO, Virtusa.
“Our deep experience in Digital Engineering and extensive financial
services domain expertise, coupled with our proprietary Digital
Innovation Accelerator, will accelerate the APIX platform build out and
ensure its market viability. We are proud to play a major role in the
growing movement towards improving financial inclusion of more than 1.7
billion people across the globe, and the myriad of economic and societal
benefits that accrue to it.”

The Virtusa-led team was selected by the ASEAN Financial Innovation
Network (AFIN) to develop and operate APIX. AFIN was founded by
International Finance Corporation (IFC), a member of the World Bank
Group; the ASEAN Bankers Association (ABA); and the Monetary Authority
of Singapore (MAS). The global effort, led by Virtusa, includes
Percipient, a data integration & virtualisation platform, and Fidor, a
digital banking solution provider.

The APIX platform aims to improve financial inclusion through FinTech
innovation. AFIN sets out to achieve this by connecting banks that need
Digital Transformation with FinTechs that have built innovative
solutions through the APIX platform. APIX provides a platform for
financial institutions to discover and connect with multiple innovative
FinTech solutions on its marketplace. It also enables financial
institutions and FinTechs to collaborate and experiment to design unique
solutions using a sandbox environment.

“We are very excited to be a part of this journey to develop the APIX
platform. We believe that the only way to solve systemic societal issues
like insufficient financial inclusion is through a combination of
cross-organization and often cross-border collaboration and the
leveraging of the latest and often disruptive technologies,” said
Senthilkumar Ravindran, executive vice president and global head of
xLabs, Virtusa. “We are delighted that our early investments in building
next-generation Digital innovation capabilities will be fully deployed
to build one of the world’s most ambitious and innovative financial
innovation networks, connecting banks, FinTechs, regulators, and other
participants to the benefit of millions of people.”

The APIX platform will be launched during the Singapore FinTech Festival
in November 2018.

About Virtusa
Virtusa Corporation (NASDAQ GS: VRTU) is a
global provider of Digital Business Transformation, Digital Engineering,
and Information Technology (IT) outsourcing services that accelerates
our clients’ journey to their Digital Future. Virtusa serves Global 2000
companies in Banking, Financial Services, Insurance, Healthcare,
Telecommunications, Media, Entertainment, Travel, Manufacturing, and
Technology industries.

Using a combination of digital strategy, digital engineering, business
implementation, and IT platform modernization services, Virtusa helps
clients execute successful end-to-end digital business transformation

Virtusa engages its clients to re-imagine their business models and
develop strategies to defend and grow their business by introducing
innovative products and services, developing distinctive digital
consumer experiences, creating operational efficiency using digital
labor, developing operational and IT platforms for the future, and
rationalizing and modernizing their existing IT applications
infrastructure. As a result, its clients are simultaneously able to
drive business growth through digital-first customer experiences, while
also consolidating and modernizing their IT application infrastructure
to support digital business transformation.

Holding a proven record of success across industries, Virtusa readily
understands its clients’ business challenges and uses its domain
expertise to deliver innovative applications of technology to address
its clients’ critical business challenges. Examples include building the
world’s largest property & casualty claims modernization program; one of
the largest corporate customer portals for a premier global bank; an
order to cash implementation for a multinational telecommunications
provider; and digital transformation initiatives for media and banking

Founded in 1996 and headquartered in Massachusetts, Virtusa has
operations in North America, Europe, and Asia.

© 2018 Virtusa Corporation. All rights reserved.

Virtusa, Accelerating Business Outcomes, BPM Test Drive and
Productization are registered trademarks of Virtusa Corporation. All
other company and brand names may be trademarks or service marks of
their respective holders.

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