AFIN, the ASEAN Financial Innovation Network, is an institution that exists to facilitate innovation and cooperation between financial institutions (FIs) and FinTechs to digitally transform the banking and financial sectors across the Association of Southeast Asian Nations (ASEAN) region to ultimately drive financial inclusion. AFIN was founded by the ASEAN Bankers Association (ABA), the Monetary Authority of Singapore (MAS), and the International Finance Corporation (IFC).
In order to achieve its mission, AFIN needed a universally available, scalable solution that catered to the foundational needs of Financial Institutions while also enabling a pathway to collaborative innovation with FinTechs.
This solution is called the Application Programming Interface Exchange platform (APIX). Delivered by a Virtusa-led consortium and architected on AWS, APIX allows ASEAN FIs to easily discover new industry solutions and ultimately deploy those solutions within their infrastructure for operational efficiency, revenue opportunities, and better risk and compliance.