It will join AFIN's board of directors and work with the platform to support the global fintech community and financial industry to foster greater financial inclusion.
Southeast Asia's fintech community has been given a boost with Mastercard joining the ASEAN Financial Innovation Network (AFIN) as the platform's second corporate founding member, the two parties announced in a press release on Thursday.
Mastercard's participation in AFIN will enable the firm to work with fintechs to provide engagement and support, and it will bring its Start Path program members onto AFIN’s API Exchange (APIX) ecosystem, the statement said.
«Having worked with tech start-ups around the globe, Mastercard looks forward to extending its support to ASEAN’s community of builders and change agents by providing access to its technology solutions, expertise and strategic partnerships to enable start-ups to rapidly and effectively scale up,» Rama Sridhar, executive vice president, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard, said.
Spurring Fintech Development
AFIN is a non-profit network established in 2018 by the Monetary Authority of Singapore (MAS), the World Bank Group’s International Finance Corporation (IFC) and the ASEAN Bankers Association that aims to help financial institutions, fintech firms and regulators address issues of connectivity, local compliance and cross border compatibility.
Its flagship product is a cloud-based APIX platform, an online marketplace for financial institutions to collaborate with innovative fintech solutions in areas from design to marketing.
