ASEAN Financial Innovation Network launches API exchange

Tuesday 18 September 2018 13:46 CET | News

The ASEAN Financial Innovation Network (AFIN) has unveiled its API Exchange (APIX), an online fintech marketplace and sandbox platform for financial institutions (FIs).

According to AFIN, this cross-border, open-architecture platform will help financial inclusion across the Asia-Pacific region.

A consortium led by IT company Virtusa, which includes German digital bank Fidor and enterprise resource planning (ERP) company Percipient, has been selected to develop and operate APIX.

AFIN also announced a partnership with Abu Dhabi Global Market as the first regulator member of the APIX platform outside ASEAN. This partnership will see the marketplace and sandbox expand to the Middle East and North Africa (MENA) region.

International Finance Corporation (IFC) and the Monetary Authority of Singapore (MAS) established AFIN in 2017. Through AFIN, the duo said they would plan to establish a regional network to help financial institutions, fintech companies and regulators address issues of connectivity, local compliance and cross-border compatibility.

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Keywords: ASEAN Financial Innovation Network, API Exchange, fintech, financial institutions
Countries: World