Singapore FinTech Association (SFA) has signed a Memorandum Of Understanding (MOU) with ASEAN Financial Innovation Network (AFIN) to collaborate and promote the APIX platform to the fintech community, with an aim to further develop the industry.

Launched by India’s Prime Minister Narendra Modi and Singapore’s Deputy Prime Minister Tharman Shanmugaratnam at Singapore Fintech Festival 2018, APIX is an online marketplace for financial institutions to discover and connect with multiple innovative fintech solutions. It also enables financial institutions and fintech companies to collaborate and experiment to design unique solutions using a sandbox environment.

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The ultimate goal of the platform is to connect financial technology service providers to financial institutions globally and to promote inclusive finance to the two billion people without bank accounts worldwide.

With this MOU, APIX can leverage on SFA’s extensive domestic and international network to promote the initiative to fintech companies worldwide.

AFIN, on the other hand, plans to connect banks that need digital transformation with fintechs that have built solutions through the APIX platform.

The collaboration will also involve the two parties mutually share inputs and suggestions on both parties’ events, initiatives, and efforts.

Chia Hock Lai, President, SFA, said: “According to Frost & Sullivan’s annual Fintech Outlook report in 2018, the Asia-Pacific fintech market is projected to reach US$72 billion in 2020. This puts SFA and AFIN in a very strategic and timely position, where our collaboration can help ensure that the ASEAN fintech ecosystem will benefit.”