AFIN Collaborates with R3 to Drive Central Bank Digital Currency Innovation
The ASEAN Financial Innovation Network (AFIN), a not-for-profit entity jointly formed by the Monetary Authority of Singapore (MAS), the International Finance Corporation (IFC), and the ASEAN Bankers Association, has partnered with R3, the global enterprise software firm, to enable banks and FinTechs to build and test Central Bank Digital Currency (CBDC) applications, and drive its innovation and adoption globally. Through R3 and AFIN’s collaboration, AFIN will launch a new digital currency sandbox in APIX, and R3 will be the first partner organization to provide APIs for building applications using Digital Currencies.
Pieter Franken, Independent Advisor, AFIN said, “Three years after its launch, the APIX platform has scaled by leaps and bounds. Today it is enabling the FinTech ecosystem to provide new impetus to the deployment of digital currencies in everyday transactions globally. With R3’s APIs on APIX, we will see financial institutions and FinTechs designing new CBDC solutions collaboratively and deploying them as future-ready enterprises.”
David E. Rutter, Founder and Chief Executive Officer, R3 shared, “CBDC initiatives have gained momentum globally and the ASEAN region is no exception with many central banks, commercial banks and FinTechs advancing the deployment of CBDC pilots, including the long-running Project Ubin in Singapore. With our CBDC APIs available to banks and FinTechs globally on APIX, R3 will support participants from the public and private sectors in driving the development of faster and more secure payment settlements across the world.”
Sopnendu Mohanty, Chief FinTech Officer, MAS said, “There has been an increasing interest in the deployment of blockchain technologies, which has created a strong demand for more efficient international payment settlements compatible with these technologies. MAS is encouraged by the collaboration between AFIN and R3 to facilitate broader experimentation between central banks, financial institutions, and FinTechs around the world. The collaboration will enable the global FinTech ecosystem to better understand the financial innovations around digital currencies.”
R3 Sandbox for Digital Currencies is underpinned by Corda, and provides an environment for central banks, commercial banks, exchanges, payment providers, FinTechs and more to collaborate and evaluate CBDC use cases, as well as to learn, transact, and test roll-out strategies.
(This content is surmised from a press release)