Financial services innovation has the potential to support and accelerate financial sector development and access to finance, improve and customize products and services, increase efficiency and reduce costs. Globally, the pace of innovation has increased, with banks undertaking internal transformations and new Financial Technology (“FinTech”) companies offering a range of products and services, sometimes in competition to traditional service providers but increasingly also as partners.
Within the ASEAN community and in many other markets in Asia, there is scope to accelerate the digital transformation of financial services and adoption of financial technology to expand the reach and usage of financial services.
Drawing on technical expertise and support from the Monetary Authority of Singapore and other regional and international stakeholders, IFC is developing the plan and institutional foundations for the ASEAN Financial Innovation Network (“AFIN”) to facilitate this transformation. AFIN seeks to support financial services innovation by assisting financial institutions and Fintechs to more quickly and efficiently discover their respective needs and capabilities, test solutions, and collaborate to design products and services.
The purpose of this document is to provide an initial introduction to the objectives and proposed approach for the development of AFIN. It also aims to serve as a basis for consultation with relevant industry stakeholders. Industry feedback is sought to inform the strategy and operational planning of this initiative, and to help ensure that it plays a practical and useful role in support of the financial ecosystems and their participants across the region.
Contact: For further enquiries please contact Ivan Mortimer-Schutts at IFC. [ email: firstname.lastname@example.org ]
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