The FinTech Association of Hong Kong (FTAHK) has signed a Memorandum of Understanding with the ASEAN Financial Innovation Network (AFIN) to facilitate greater collaboration and integration between FinTech hubs across Asia.
AFIN is a non-profit organisation established by the ASEAN Bankers Association, the World Bank’s International Finance Corporation (IFC) and the Monetary Authority of Singapore (MAS). AMTD Foundation and Mastercard are AFIN’s Corporate Founding Members.
Together, AFIN and FTAHK will work on a number of initiatives supporting the development of financial innovations on API Exchange (APIX). APIX, the flagship product of AFIN, is a global cloud-based platform that enables financial institutions and FinTechs to discover one another in a curated global marketplace, design experiments collaboratively in a sandbox and deploy innovative solutions rapidly at lower cost.
In addition, AFIN and FTAHK will:
- Promote the awareness of the benefits of each association to their members both locally and internationally
- Share opinions, knowledge and best practices through events
- Support interactions with regulators, industry associations and government bodies
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All of these activities will foster greater links between the banking, technology and FinTech industries across Hong Kong, Singapore and the wider ASEAN region, with the aim of creating a dynamic and thriving FinTech ecosystem in Asia.
Helene Li, General Manager of the FinTech Association of Hong Kong, said:
“Hong Kong and Singapore are world leaders in FinTech and so collaboration between the two centres is essential for the growth of Asia’s ecosystem as a whole. Through our partnership with AFIN, we will be able to create an environment in which the future of the financial industry can emerge.”
Manish Diwaan, Managing Director at the ASEAN Financial Innovation Network, said:
“With Asia currently undergoing a FinTech revolution, it has become increasingly important to facilitate collaboration between the different hubs across the region. The connections created and knowledge shared through our partnership with FTAHK will cement Asia’s reputation as a world leader in FinTech.”