Fidor Solutions, an innovative provider of digital banking services, today signed an agreement with AFIN to create ASEAN’s first API Exchange (APIX) platform as Fintech Marketplace and Sandbox – together in a consortium formed with Virtusa and Percipient. This ambitious project will see a trusted and transparent API-based marketplace and sandbox environment made available to both FinTechs and banks with the objective to fuel innovation, increase collaboration and ultimately engender greater financial inclusion across the ASEAN region.
AFIN is an initiative of IFC (International Finance Corporation), MAS (Monetary Authority of Singapore) and ABA (Asean Bankers Association) with the aim to lead to an expansion in access to and usage of financial services, according to 3 key pillars:
- Creating a collaborative ecosystem of FinTechs and banks: Facilitate access by banks to a broader range of competitive (FinTech) solutions to match banks’ opportunities and challenges
- Fast track the delivery of innovation: Accelerate business and product development through use of efficient testing, design and integration tools for both banks and FinTechs
- Empower new technology developments: Support development of IT architecture strategy and management skills within individual financial institutions
While open banking is being adopted across Europe, the UK and few APAC countries, it is in fact having a stronger impact at a global level, changing both the way markets and players operate, as well as the way consumers bank. AFIN identified the need in Asia for a successful ecosystem for sourcing solutions, as well as testing, operating and reducing implementation timescales to faster respond to financial inclusion needs.
Fidor, which owns its own community-based digital bank powered by its proprietary open API platform, took part in the procurement process which started late 2017 and included 30 applicants under 12 consortia. In a consortium alongside Virtusa and Percipient, Fidor brings a social component to this ambitious project – by providing its community-based platform which acts as an acquisition and engagement platform with a wide range of features. The Fidor Community platform will be the first point of engagement between banks and FinTechs, and aims at increasing the level of interaction between banks and their potential FinTech partners.
Matthias Kröner, Founder and CEO of Fidor, commented, “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.”
Ge Drossaert, Board Member and Group CCO of Fidor, commented, “Fidor is a progressive institution that continues to successfully collaborate with both traditional banks and FinTechs. We adopted an API-first strategy which proved to be successful while we also added a social component to keep strong engagement and trust between all parties. This initiative with AFIN marks the start of Fidor’s expansion to the APAC region which we are very excited about.”