Digital & Technology

IFC, Singapore collaborate on fintech innovation

IFC, a member of the World Bank Group, and the Monetary Authority of Singapore (MAS), have agreed to work together to facilitate broader adoption of fintech innovation.

It is also focused on enhancing economic integration within the ASEAN region.

Through the ASEAN Financial Innovation Network (AFIN), IFC and MAS said they plan to establish a regional network to help financial institutions, fintech firms and regulators address issues of connectivity, local compliance and cross-border compatibility. 

AFIN will also evaluate options to create an industry ‘sandbox’ to provide a cloud-based testing environment through which banks and fintech players can develop, test and refine digital finance and inclusion solutions.