Afin creates fintech marketplace and sandbox to tackle financial inclusion

Afin creates fintech marketplace and sandbox to tackle financial inclusion

The Asean Financial Innovation Network (Afin) has launched API Exchange, a cross-border marketplace and sandbox for financial institutions and fintech firms to work together on financial inclusion projects.

Afin, which is backed by the Monetary Authority of Singapore, the Asean Bankers Association and the World Bank's International Finance Corporation, says that it wants to use APIs to drive digital transformation and financial inclusion across Asia Pacific.

The organisation has put together a consortium led by IT firm Virtusa, and which includes German digital bank Fidor as well as data specialist Percipient, to develop and operate Apix.

These firms have been charged with applying the framework to "support the transition of FIs towards API architecture and collaboration with other participants in the marketplace".

Sopnendu Mohanty, chief fintech officer, MAS, says: "Apix will propel the growth of the digital economy, connect FIs and innovators, and foster cross-border collaboration."

Matthias Kröner, CEO, Fidor, adds: "This ambitious project will fuel innovation, increase collaboration between banks and fintechs and ultimately enable greater financial inclusion across the Asean region."

Meanwhile, Afin has broadened its reach, forming a partnership with Abu Dhabi Global Market, expanding the global fintech marketplace and sandbox to the Middle East and North Africa.

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