The Asean Financial Innovation Network (Afin) has launched an online Global FinTech Marketplace and Sandbox platform for financial institutions (FIs).
Afin is backed by the Monetary Authority of Singapore. its new API Exchange (APIX) claims to be the world’s first cross-border, open-architecture platform. It will enable FIs and FinTech firms to connect to one another through a globally curated marketplace, collaborative experiments in a sandbox among financial industry participants, and the 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. Going forward, 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 has 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.
“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.
Earlier this year, regulators from around the world, including the UK, US and Hong Kong, formed a ‘global sandbox’.
The Financial Conduct Authority (FCA) launched the Global Financial Innovation Network (GFIN) to allow companies to test products in multiple countries. The UK was one of the first countries in the world to introduce a FinTech sandbox, and earlier this year, asked for views on the merits of creating a global FinTech sandbox.
GFIN brings in 11 other regulators, including the US Bureau of Consumer Financial Protection, the Monetary Authority of Singapore and the Hong Kong Monetary Authority.
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