Dubai, 22 April 2020: Fintech Galaxy, the MENA region’s first cross-border, open innovation platform and marketplace for collaboration between FinTechs and financial institutions, has signed a partnership agreement with the ASEAN Financial Innovation Network (AFIN) to facilitate greater integration between FinTech hubs across the MENA region as well as Asia, while promoting AFIN’s API Exchange (APIX) platform to the FinTech community, further contributing to the development of the industry. Furthermore, Fintech Galaxy is set to launch its new and enhanced platform in July this year to cater to the evolving and increasingly sophisticated ecosystem.
APIX, the flagship product of AFIN, is a global cloud-based platform that enables financial institutions and FinTech firms to discover one another on a curated global marketplace, design experiments collaboratively in the sandbox and deploy innovative solutions rapidly at a lower cost.
“We are delighted to partner with AFIN, who share our passion to improve financial inclusion through FinTech innovation. The FinTech industry continues to grow exponentially in the MENA region, however, at a time when financial institutions are increasingly focusing towards implementing digital transformations/digitization strategies to drive business growth despite the current outbreak of Covid-19, the case for supporting FinTechs has never been greater. Consequently, this collaboration will help to alleviate some of the bigger issues the market is facing in the current pandemic. With the global economy nearing a standstill, we hope to play our part by continuing to help fintech startups find the capital and support they need to create timely solutions through innovative measures, as FinTechs are increasingly seen as the obvious choice at this time.” said Mirna Sleiman, Founder & CEO, Fintech Galaxy.
Mirna added, “Through our partnership with AFIN, we are confident of fostering an environment that empowers the sustainable long-term growth of the FinTech ecosystem while enabling greater integration between two of the most prolific regional economies in the world. We are also very excited about the potential this partnership can unlock for FinTech hubs and financial institutions in the MENA and Asian markets in terms of giving open access to each other’s talent, market exposure, solutions, best practices, funds, expertise and knowledge. We cannot wait to make this first of its kind cross-border use case come to life.”
Through this partnership, Fintech Galaxy and AFIN will mutually work on a number of initiatives supporting the development of financial innovations on both platforms. Together, both parties will strive for greater collaboration, including sharing market expertise, knowledge and insights with each other on matters relating to the fintech industry, both parties’ events and initiatives, and finally supporting each other in interfacing with respective regulators and other bodies.
Manish Diwaan, Managing Director, AFIN, said “With FinTechs currently accelerating the digital transformation of the financial sector in the MENA region, it is fitting to facilitate greater collaboration between the different hubs across the world. We at AFIN aim to connect financial institutions that need digital transformation with FinTechs that have built innovative solutions through the APIX platform. And so, the synergies between us and Fintech Galaxy are strong and the network created and knowledge shared through our partnership will cement both, MENA’s and Asia’s reputation as world leaders in fintech.”
AFIN is a not-for-profit organisation founded by the Monetary Authority of Singapore (MAS), the ASEAN Bankers Association (ABA) and the International Finance Corporation (IFC), a member of the World Bank Group, with the aim of supporting financial innovation, development and enhancing economic integration within the ASEAN region, through broader adoption of financial technology innovations on the APIX platform.
Fintech Galaxy works as an open innovation marketplace for organizations to post their innovation challenges, inviting a global network of startups to try and solve their business needs. The company advises startups on fundraising, operational growth and business development. The platform also brings to the market a virtual marketplace of on-demand fintech experts in areas such as blockchain, artificial intelligence, mobile payments, robotics, cryptocurrencies, regtech, insuretech and data science.
About Fintech Galaxy
Fintech Galaxy is a digital crowdsourcing platform that empowers fintech entrepreneurs and connects them to financial institutions, consultants, tech companies, mentors and investors. Fintech Galaxy works as an open innovation marketplace for organizations based in the MENA region to post challenges for our global network of startups to take a crack at solving them in order to gain business contracts or cash rewards. The company advises startups on fund raising, operational growth and business development. The platform also brings to the MENA market a network of global fintech experts in areas like blockchain, AI, payments, robotics and data science.
With a wealth of content and a virtual gallery of the best success case studies in the financial technology space, Fintech Galaxy supports the world’s most promising entrepreneurs throughout their journey from inspiration to global growth. Sign up on www.fintech-galaxy.com and join us on our journey!
About ASEAN Financial Innovation Network (AFIN)
The ASEAN Financial Innovation Network (AFIN) was established as a non-profit organization in 2018 by the ASEAN Bankers Association (ABA), International Finance Corporation (IFC), a member of the World Bank Group, and the Monetary Authority of Singapore (MAS). AMTD Foundation and Mastercard are AFIN’s Corporate Founding Members.
AFIN was set up with the mission to facilitate innovation and cooperation between financial institutions and FinTechs, in effort to digitally transform the banking and financial sectors across the ASEAN region and beyond to ultimately drive financial inclusion. It brings together financial industry participants to Discover, Design and Deploy innovative digital solutions within a collaborative ecosystem.
To support this mission, AFIN has launched the API Exchange (APIX). APIX (www.apixplatform.com) is the world’s first cross-border, open architecture API marketplace and sandbox platform for collaboration between FinTechs and financial institutions in which participants can integrate and test solutions with each other via a cloud-based architecture.
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