<article>The ASEAN Financial Innovation Network (AFIN), an initiative of the International Finance Corporation, on Wednesday launched the API Exchange (APIX), said to be the world’s first cross-border, open-architecture API marketplace and sandbox platform.</article>

The ASEAN Financial Innovation Network (AFIN), an initiative of the International Finance Corporation, on Wednesday launched the API Exchange (APIX), said to be the world’s first cross-border, open-architecture API marketplace and sandbox platform.
The platform is aimed at connecting companies to financial institutions globally and become a banking solution for two billion people without bank accounts worldwide.
It is estimated that there are about 1.7 billion adults globally who are unbanked, and one in three of them come from four countries in Asia &#8211; China, India, Pakistan and Indonesia.
APIX was established earlier this year by the IFC, the Monetary Authority of Singapore (MAS), and the ASEAN Bankers Association (ABA) as a platform where financial institutions and fintech players can collaborate.
The platform will also enable financial institutions to launch new products and services, thereby expanding access to finance for underserved households and businesses, according to an official statement.
The platform was launched by Indian Prime Minister Narendra Modi at the Singapore Fintech Festival today. It is developed and will be operated by a global consortium led by technology firm Virtusa including Deloitte, Percipient and Fidor.
AFIN also announced a partnership with Abu Dhabi Global Market as the first regulator member of the APIX platform outside ASEAN. The partnership will reach out to the Middle East and North Africa (MENA) region.
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The ASEAN Financial Innovation Network (AFIN), an initiative of the International Finance Corporation, on Wednesday launched the API Exchange (APIX), said to be the world’s first cross-border, open-architecture API marketplace and sandbox platform.

AFIN launches IFC-backed cross-border fintech platform API Exchange

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