IFC assists formation of ASEAN Financial Innovation Network
The International Finance Corporation (IFC), a member of the World Bank Group, will support Southeast Asian countries to establish and develop the ASEAN Financial Innovation Network (AFIN).
IFC’s Director for East Asia & the Pacific Vivek Pathak (Photo: Flickr)
Singapore (VNA) – The International FinanceCorporation (IFC), a member of the World Bank Group, will support SoutheastAsian countries to establish and develop the ASEAN Financial Innovation Network(AFIN).
The plan was stated in a memorandum ofcooperation recently signed by IFC and the Monetary Authority of Singapore(MAS).
Through AFIN, IFC and MAS plan to establish aregional network to help financial institutions, financial technology (FinTech)firms and regulators address issues of connectivity, local compliance and crossborder compatibility.
AFIN will also evaluate options to create anindustry “sandbox” to provide a cloud-based testing environment through whichbanks and FinTech players can develop, test and refine digital finance andinclusion solutions. It is also hoped to spur discussions amongst participatingregulators on cross-border policy harmonisation across ASEAN.
Vivek Pathak, IFC’s Director for East Asia &the Pacific, said he hopes new business models resulting from digitaltransformation of financial services and FinTech adoption in the region cancreate new markets that will lead to a higher level of prosperity.
The initiative emerged from discussions betweenIFC, MAS and the ASEAN Bankers Association (ABA) at the 2016 Singapore FinTechFestival.-VNA
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IFC’s Director for East Asia & the Pacific Vivek Pathak (Photo: Flickr) 
