CB Bank has launched its Innovation Lab on the API-Exchange (Apix), making it the first bank in Asean to reach out to other financial technology (fintech) firms in the region on the exchange.
Apix is the world’s first cross-border open-architecture platform set up to enable financial institutions and fintech firms to discover one another under a standardised and cost-effective framework. It also provides a sandbox for designing new fintech solutions and facilitates the adoption and deployment of these new technologies to other parts of the world.
Launched in September 2018, Apix is an initiative of the Asean Financial Innovation Network, a not-for-profit entity that was jointly formed by the Monetary Authority of Singapore, the International Finance Corporation and the Asean Bankers Association. The network’s purpose is to support fintech innovation with the aim of building greater financial inclusion in the region.
“Globally, we can see many successful examples of banks working together with [fintech firms] to provide value-added services to its customers as well as provide innovative financial solutions. We believe that the Apix platform will empower us [by enabling us] to choose trusted fintech partners more efficiently,” said U Thein Zaw Tun, managing director of CB Bank.
U Thein Zaw Tun added that CB Bank is actively seeking more partnerships with fintech firms and regional financial institutions. The bank is also keen to help other local fintech firms as well as universities in Myanmar come onboard the Apix platform, as this would expand the fintech ecosystem and help nurture talent.
Navin Suri, chief executive of Percipient, a consortium partner involved in developing Apix, said the platform will help firms save up to 12 months of paper work and budgeting which is necessary to obtain funding to build prototypes.
“Apix delivers a separate and secure environment for each financial institution, complete with their own private sandbox, and access to unlimited users needed to start experimentation,” he said.
Source: Myanmar Times
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