The International Financial Corporation (IFC), a member of the World Bank Group, and Monetary Authority of Singapore (MAS) have inked a memorandum of cooperation (MoU) to support innovation in the fintech space and boost economic integration within the ASEAN region.
The two parties have announced the development of the ASEAN Financial Innovation Network (AFIN) that will help financial institutions, fintech firms and regulators address connectivity, local compliance and cross-border compatibility issues.
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The network will also assess options to set up an industry sandbox that will offer banks and fintech startups a cloud-based environment to develop and test their solutions.
MAS chief fintech officer Sopnendu Mohanty said: “This industry sandbox will be a cloud-based marketplace for distribution of FinTech solutions to financial institutions located in multiple jurisdictions. We hope that this platform could also spur discussions amongst participating regulators on cross-border policy harmonisation across ASEAN.”
IFC director for East Asia and the Pacific Vivek Pathak added: “AFIN will enable banks, microfinance institutions, and other financial services providers to innovate across channels, products, and processes. Such innovation can unlock opportunities to better serve their clients, address unmet needs in their markets, and achieve sustainability through lower costs and more efficient service delivery.”
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