The Asean Financial Innovation Network (AFIN) has partnered with enterprise software firm R3 to enable banks and fintechs to build and test central bank digital currency (CBDC) applications for new payment rails and multi-currency payment systems.
Through the collaboration, AFIN will launch a new digital currency sandbox on the API Exchange (APIX) and R3 will be the first partner organization to provide application programming interfaces (APIs) for building applications using digital currencies.
Select APIs from R3’s sandbox for digital currencies will be listed on APIX from August 2021. Developers can create and edit code, integrating R3's APIs and others across different solution domains in APIX's marketplace. This collaboration will provide financial institutions and fintechs on APIX with tools to build CBDC applications for payment settlement.
David Rutter, founder and chief executive officer of R3, says: “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.”
AFIN was established as a non-profit organization in 2018 by the Asean Bankers Association, International Finance Corporation, and the Monetary Authority of Singapore. It aims to facilitate innovation and cooperation between financial institutions and fintechs in order to digitally transform the banking and financial sectors in the region and beyond.