Who we are
The history of collaboration between Financial Institutions (FIs) and FinTechs is littered with unsuccessful collaborations. FIs are often apprehensive about how enterprise-grade the solutions built by FinTechs are.
APIX is purpose-built to transform and radically simplify the FI - FinTech collaboration process end-to-end. It is the world’s first cross-border, open-architecture API marketplace and sandbox that aims to facilitate growth for the financial services ecosystem through innovation and collaboration. APIX allows FIs to search for and discover innovative, digital solutions from FinTechs and then rapidly design, experiment and deploy these solutions.
Our history of public good
On the side-lines of the 2016 Singapore FinTech Festival (SFF), the Chief FinTech Officer of the Monetary Authority of Singapore (MAS) and officials of International Finance Corporation (IFC) of the World Bank Group discussed ways to aid the rapid digital transformation of emerging market FIs.
It was during this casual conversation, with scribblings on coffee-shop napkins, that the seed of APIX was planted. As a result the ASEAN Financial Innovation Network Ltd. (“AFIN”) was established in 2018 by MAS, IFC and the ASEAN Bankers Association (ABA), as a non-profit organisation with a mission to facilitate innovation and collaboration between FIs and FinTechs. The vision was to help digitally transform the banking and financial services sector and ultimately drive greater financial inclusion. APIX was launched by AFIN at SFF 2018 and the first production version was showcased at SFF 2019.
Since then, the product has evolved rapidly with new, built-for-purpose capabilities to remove friction between innovation from FinTechs and its adoption by FIs. Having made significant strides in its mission, by launching relevant products, successfully serving numerous customers, and adding value to the broader financial services ecosystem globally, AFIN’s founding members agreed that APIX is ready to evolve and scale further. This was provided for in AFIN’s constitution in line with its long-term objectives.
As part of this evolution, AFIN invited globally reputed investors and institutions to begin a new chapter in its journey and in Oct 2022, AFIN transferred the APIX platform to a new entity, Synfindo Singapore Pte. Ltd. (“Synfindo”).
With capital from investors – including LemmaTree Pte. Ltd., an entity founded by Temasek, as the lead investor, and Mastercard – Synfindo (www.synfindo.com) will focus on enhancing APIX’s capabilities and penetrating deeper into the global innovation ecosystem.