The ASEAN Financial Innovation Network (AFIN) has launched the API Exchange (APIX), an online global FinTech marketplace and sandbox for financial institutions.
APIX is a cross-border, open-architecture platform to help financial institutions and FinTechs connect via a global marketplace, create collaborative experiments in a sandbox, and support API adoption to bolster digitalisation and financial inclusion across the Asia-Pacific.
Support for the initiative will be provided by a global consortium which is led by IT and digital transformation technology developer Virtusa. Also in the group is digital banking service provider Fidor and data technology and analytics company Percipient.
This group will apply technology solutions to support financial institutions more to API infrastructure and collaboration. APIX is set to launch in November 2018.
Monetary Authority of Singapore chief FinTech officer Sopnendu Mohanty said, “MAS is heartened by the strong support that AFIN has received from the broader ecosystem, comprising policy-makers, FIs, start-ups and investors. APIX will propel the growth of the digital economy, connect FIs and innovators, and foster cross-border collaboration.”
Alongside the launch of the new exchange, AFIN has formed a partnership with Abu Dhabi Global Market. The agreement will help expand the APIX platform into the Middle East and North Africa region.
The ADGM digital sandbox will support the interaction of FinTechs and financial institutions in the UAE and other global countries
IFC Asia & Pacific regional industry head Vittorio Di Bello said, “AFIN’s priority is to support financial services innovation and inclusion in emerging markets within the Asia Pacific region and to provide a platform for collaboration and innovation for financial institutions and FinTech firms. As a founding member, IFC remains committed to the goals and vision of AFIN.”
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