Modefin and Bank of Bhutan have been awarded the Most Agile Deployment Award under the Most Innovative API / Open Banking Model at IBSi Global FinTech Innovation Awards 2023.

The IBSi Global FinTech Innovation Awards 2023 seeks to identify and honor banks, financial institutions, and technology players’ excellence in driving impact through banking technology implementations and innovations using emerging technologies. The Global FinTech Innovation Awards 2023 saw IBS Intelligence evaluate 250 nominations across 106 banks from 49 countries across 30 categories all over the globe.

“Modefin’s API manager has simplified the process of designing, deploying and managing Bank of Bhutan’s APIs offering security, monitoring, analytics and various other features enhancing the overall functionality and efficiency of the bank’s APIs.” said, Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence. He congratulated Modefin for their win in the category ‘Most Innovative API / Open Banking Model: Most Agile Deployment’

Dorji Kadin, CEO of Bank of Bhutan, added, “This award is a testament to the partnership between our two organizations and the dedication of both teams to delivering excellence in the banking industry. We look forward to continuing our work together to help achieve our shared goals.”

Amarnath Chowdary, MD at Modefin, said, “We are overjoyed to receive this recognition for our brand-new Open API Manager platform at ModeFin, which has played a vital role in advancing the adoption of open banking. As financial institutions prioritize building ecosystems and driving app-driven economies, open banking is a critical component, and we are excited that our work in this field has been acknowledged. This honor is a testament to our team’s dedication to delivering innovative solutions that help drive financial inclusion.”

Bob Modefin Ibsi Award
Amit Darda, CEO of Modefin, received the IBSi Award on behalf of the Bank of Bhutan and Modefin from Madhavan Menon - Executive Chairman, Thomas Cook India Limited

About Modefin
Founded in 2011 and headquartered in Bangalore, India, Modefin currently serves 65+ banks in more than 20 countries worldwide. Modefin specializes in providing infinite banking possibilities for banks of any size to accelerate their digital transformation & stay ahead of the competition. Modefin aims to deliver quality products and services that are reliable, built on long-standing values and relationships, win customers’ confidence, and enhance their lives. Modefin believes in building a transparent, honest, and reliable business relationship that enhances the lives of all associated with Modefin directly or indirectly. Modefin specializes in mBanking (Mobile Banking), mWallet (Mobile Wallet), Digital Payments, Digital Remittances, Mobile Commerce, Agency Banking, Financial Inclusion, Mobile Money, Mobile Disbursement, Branchless Banking, mPOS, SMS Banking, USSD Banking, Virtual Money and Fund Disbursement.
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About BOB Bank
Established by a Royal Charter in May 1968, the Bank of Bhutan (BoB) is the oldest bank in the country. It also acted as the Central Bank of Bhutan till the Royal Monetary Authority of Bhutan was set up in 1982. Registered under the Companies Act of the Kingdom of Bhutan 2000, as a public sector commercial bank, it was the country’s only banking institution until 1997. Today, BoB has the distinction of being the largest commercial bank in Bhutan, making its presence felt in every Dzongkhag, and Major Township through a network of 54 branch offices. With the adoption of Core Banking Solution in 2009, banking operations were automated. This saw the emergence of ATMs, Internet Banking, POS, and Mobile & Agency Banking Services as alternate channels to deliver banking services. As of 31st December 2016, the paid-up capital was Nu. 3,000 million and shares were held by Druk Holding & Investments (DHI) and the State Bank of India in the ratio of 80:20 respectively. In 2007, DHI took control over the country’s public sector companies, including the Bank of Bhutan, which until then was under the Ministry of Finance. BoB provides a wide range of financial products and services, such as deposits, loans, trade finance, and the money market as well as facilitating the financial transactions of customers. 

As a primary member of VISA and MasterCard, its services include acquiring and issuing Credit and Debit cards. It also offers e-payment gateway services. To enhance customer convenience and to serve the under-banked and unbanked population, BoB launched “Mobile & Agency Banking” services (mBoB) on May 15th, 2015, which enables customers to use a smartphone to access the bank from anywhere and at any time. By leveraging the Mobile Banking platform, BoB is also embarking on Agency Banking, to take its services to the rural unbanked population.

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About IBS Intelligence
Established in 1991, UK-headquartered IBS Intelligence is the leading global pure-play Financial Technology research, news analysis, and advisory firm. IBSi’s Sales League Table is the worldwide industry barometer ranking leading banking technology suppliers. Its research reports comprehensively cover international suppliers across all Banking Technology & Financial Technology systems and are also distributed by Thomson Reuters, Bloomberg and S&P Capital IQ.

IBSi’s Innovation Lab in Dubai brings banks and suppliers together with an opportunity to access the Middle East market and to test and experience global Financial Technology products within the region. The group company, Cedar, is a global management consulting firm with deep expertise in formulating and executing a business strategy for financial services clients worldwide, with a significant focus on leading their technology and digital transformation.

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