ASEAN Financial Innovation Network launches API exchange
The ASEAN Financial Innovation Network (AFIN) has unveiled its API Exchange (APIX), an online fintech marketplace and sandbox platform for financial institutions (FIs).
It will also expand beyond the ASEAN region
According to AFIN this is the “world’s first cross-border, open-architecture platform” and it will help financial inclusion across the Asia-Pacific region.
A consortium led by IT firm Virtusa, which includes German digital bank Fidor and data integration and virtualisation platform provider Percipient, has been selected to develop and operate APIX.
Paul Gwee Choon Guan, secretary general of the ASEAN Bankers Association (ABA), says: “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.”
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.
Last year, International Finance Corporation (IFC) and the Monetary Authority of Singapore (MAS) established AFIN.
Through AFIN, the duo said they would plan to establish a regional network to help financial institutions, fintech firms and regulators address issues of connectivity, local compliance and cross-border compatibility.
