Virtusa Corporation will lead a global effort in creating the API Exchange (APIX), the world's first cross-border, open-architecture platform to improve financial inclusion.
The platform will include an online global FinTech marketplace and sandbox platform, aimed at accelerating financial services innovation by enabling collaboration between financial institutions and FinTech innovators.
The Virtusa-led team was selected by the ASEAN Financial Innovation Network (AFIN) to develop and operate APIX. AFIN was founded by International Finance Corporation (IFC), a member of the World Bank Group, the ASEAN Bankers Association (ABA) and the Monetary Authority of Singapore (MAS).
The global effort also includes data integration and virtualisation platform Percipient, and digital banking solution provider Fidor.
The platform will be launched during the Singapore FinTech Festival next week.
Senthilkumar Ravindran, executive vice president and global head of xLabs at Virtusa, commented: “We believe that the only way to solve systemic societal issues like insufficient financial inclusion is through a combination of cross-organization and often cross-border collaboration and the leveraging of the latest and often disruptive technologies.”
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