The Monetary Authority of Singapore (MAS) has signed a memorandum of cooperation with IFC, a member of the World Bank Group, to boost FinTech innovation and development in Asia.
As part of the agreement, the two will work together to establish and develop the ASEAN Financial Innovation Network (AFIN). The network aims to facilitate broader adoption of 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.
Sopnendu Mohanty, chief FinTech officer at MAS, said: “We believe that innovation and digital technology can play a decisive role in enhancing financial access for a wider population. MAS is pleased to partner with IFC and further its discussions with ABA to help establish an industry sandbox infrastructure that promotes real-time collaboration and financial innovation.
“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.”
Vivek Pathak, IFC’s director for East Asia and the Pacific, added: “The initiative builds on IFC’s efforts to deepen access to finance for underserved segments of the population. In today’s world it is feasible to reach these segments of the population at a fraction of the cost and at a speed that was not feasible earlier.
“New business models resulting from digital transformation of financial services and FinTech adoption in the region can create new markets that will lead to a higher level of prosperity.”
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