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IFC and Monetary Authority of Singapore Collaborate to Advance FinTech Innovation in Asia

IFC and Monetary Authority of Singapore Collaborate to Advance FinTech Innovation in Asia

IFC, a member of the World Bank Group and the Monetary Authority of Singapore (MAS) signed a memorandum of cooperation today, agreeing to work together to establish and develop the ASEAN Financial Innovation Network (AFIN). The network aims to facilitate broader adoption of financial technology (FinTech) innovation and development, and enhance economic integration within the ASEAN region.

Through AFIN, IFC and MAS plan to establish a regional network to help financial institutions, FinTech firms and regulators address issues of connectivity, local compliance and cross border compatibility. AFIN will also evaluate options to create an industry “sandbox” to provide a cloud-based testing environment through which banks and FinTech players can develop, test and refine digital finance and inclusion solutions.

Further to the 2016 Singapore FinTech Festival, this initiative has emerged from discussions between IFC, MAS and the ASEAN Bankers Association (ABA), and through their engagement with the broader financial and FinTech ecosystem in the region. This memorandum between MAS and IFC is the first step in an initiative which will also foresee ABA playing an important role in helping to expand access to financial services across the region.