Laxmi Bank Launches LxBCONNECT, API Developer Platform

In line with the Bank’s strategy of using API banking as an enabler to ideate, customize and co-create digital solutions, Laxmi Bank has launched LxBConnect – an API Developer Platform and released an invitation to fintech, startups, developers to be Partners–in-Tech to identify best-fit APIs based on their sectors for its common customers.

LxBConnect sandbox environment is expected to enable interested partners to visualize multiple banking use cases and understand possible integrations & functionalities of the Bank’s APIs and test them with their app in a secure environment over the VPNs.

Laxmi Bank will grant access to APIs across 3 types of usage categories that include account management, financial and non-financial operations such as:

• Accounts: Account Opening; Account Management; Customer Portfolio
• Financial: Beneficiary Management; Fund Transfer; Bill Payment; Recurring Payment, Remittance, Salary Payment, Settlement, Beneficiary Management
• Non-Financial: Exchange Rates, Branch/ATM Information, Verifications, Reconciliation, Statements, etc.

About Laxmi Bank

Laxmi Bank is a ‘Full-Service Commercial Bank’ providing a complete range of products, services, and technology-driven digital offerings, catering to Individuals, MSMEs as well as corporate clients.

Headquartered in Kathmandu, the Bank has a pan-Nepal presence of 129 branches across  48 districts, 5 hospital service counters, 6 extension counters,  158 ATMs,  2,500+ remittance agents, and 61 branchless banking agents. The Bank is widely recognized as one of the best-managed banks in Nepal with high standards of corporate governance culture, risk-management systems, and strong technology.

Laxmi Bank’s microfinance subsidiary – Laxmi LaghubittaBittiyaSanstha Ltd, a category D financial institution licensed by Nepal Rastra Bank is in operation since 2012 and has a network of 72 branches with loans of over NPR 4 billion.

Similarly, Laxmi Bank’s investment banking subsidiary – Laxmi Capital Market Ltd, licensed by the Securities Board of Nepali’s offering various merchant and investment banking services since February 2009. Laxmi Capital also manages Laxmi Equity Fund and Laxmi UnnatiKosh, the two Mutual Funds sponsored by Laxmi Bank, both of which are listed and traded at the Nepal Stock Exchange.

The Bank closed the previous financial year 2019/20 with a balance sheet size of NPR 129 billion that includes deposits and risk assets of NPR 100.07 billion and NPR 89.89 billion respectively. All key financial indicators of the Bank are well within prudential and regulatory norms.