Munich-based Fidor Solutions today said it will participate in creating API Exchange (APIX) platform combining fintech market and sandbox environment for developers as well as banks.

Virtusa and Percipient will also be part of the global consortium that was selected by Asean Financial Innovation Network (AFIN)-an initiative of International Finance Corporation, Monetary Authority of Singapore and Asean Bankers Association. The APIX platform will be unveiled at the Singapore FinTech Festival in November this year.

Matthias Kröner, founder and chief executive officer, Fidor said, “I am glad that AFIN selected the consortium with Fidor and we look forward to being part of such as an ambitious project which will have a direct impact on financial inclusion, a topic that is important to Fidor and its future development.”

The project will serve as a transparent API-based marketplace and sandbox environment to both fintechs and banks to fuel innovation, increase collaboration and further financial inclusion efforts in the ASEAN region.

Vittorio Di Bello, financial institutions group regional industry head, Asia & Pacific, IFC said, “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.”

AFIN is also partnering with Abu Dhabi Global Market to enable expansion of APIX in the Middle East and North Africa region.

Paul Gwee Choon Guan, secretary general, ASEAN Bankers Association said, “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.”

Sopnendu Mohanty, chief fintech officer, Monetary Authority of Singapore said, “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.”


by Parnika Sokhi