The ASEAN Financial Innovation Network (AFIN) has been setup with the mission to facilitate innovation and cooperation between financial institutions (FIs) and FinTechs, in effort to digitally transform the banking and financial sectors across the ASEAN region to ultimately drive financial inclusion. It brings together financial industry participants to Discover, Design and Deploy innovative digital solutions within a collaborative ecosystem.
To support this mission, AFIN has launched the APIX Platform - The API Exchange (APIX) platform is the world’s first cross-border, open-architecture API market place and sandbox platform for collaboration between FinTechs and Financial Institutions in which participants can integrate and test applications with each other via a cloud based architecture.
The marketplace expedites discovery and collaborative undertakings between FinTechs and FIs. The sandbox enables safe testing and experimentations with FinTech applications via a cloud-based architecture.Overall, APIX serves AFIN’s larger aim to expand access to and usage of financial services of the unbanked and underbanked across the ASEAN region.
AFIN emerged out of collaborations between the Monetary Authority of Singapore (MAS), the International Finance Corporation (IFC), World Bank Group and the ASEAN Bankers Association (ABA)