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World’s First Cross-Border, Open-Architecture Platform to Improve Financial Inclusion

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by September 17, 2018 General

Singapore, 17 September 2018 The ASEAN Financial Innovation Network (AFIN) today announced the launch of API Exchange (APIX), an online Global FinTech Marketplace and Sandbox platform for financial institutions (FIs). APIX is the world’s first cross-border, open-architecture platform which will enable:

i. FIs and FinTech firms to connect to one another through a globally curated marketplace;

ii. collaborative experiments in a sandbox among financial industry participants; and

iii. adoption of APIs to drive digital transformation and financial inclusion across Asia-Pacific.

A global consortium led by Virtusa, which includes Fidor and Percipient, has been selected to develop and operate APIX. The consortium will apply proven technology solutions to support the transition of FIs towards API architecture and collaboration with other participants in the marketplace.

AFIN also announced a partnership with Abu Dhabi Global Market as the first regulator member of the APIX platform outside ASEAN. This partnership on the APIX platform will see the expansion of the Global Fintech Marketplace and Sandbox to the Middle East and North Africa (MENA) region to the benefit of FIs, FinTechs and customers.

The APIX platform will be unveiled at the Singapore FinTech Festival in November 2018.

The ABA is pleased to be part of this financial innovation journey for all our members, which is vital to deepening financial inclusion in ASEAN markets. said Paul Gwee Choon Guan, Secretary General of the ASEAN Bankers Association (ABA).

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.” said Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore (MAS).

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, said Vittorio Di Bello, IFC’s Financial Institutions Group Regional Industry Head, Asia & Pacific.

Source: Monetary Authority of Singapore

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