R3 Sandbox for Digital Currencies to be listed on the API Exchange (APIX) platform
Singapore: 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. Select APIs of R3 Sandbox for Digital Currencies, a learning and development platform for CBDC experimentation used by global financial institutions and regulatory bodies, will be listed on the API Exchange (APIX) from August 2021. In addition, developers can create and edit code, integrating R3’s APIs and others across different solution domains in APIX’s marketplace by leveraging the cloud-based integrated development environment (IDE). This collaboration will provide financial institutions and FinTechs on APIX with tools to build CBDC applications for new payment rails and multi-currency payment systems.
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. Participants can gain full access to the Digital Currency Sandbox directly from R3 now.
Learn more about R3 Sandbox for Digital Currencies here.
More information about R3 Sandbox for Digital Currencies will also be available on R3’s profile page on APIX from August 2021, and interested participants will be able to request access directly through the APIX marketplace.
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 an 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 for collaboration between FinTechs and financial institutions in which participants can integrate and test solutions on the APIX sandbox with each other via a cloud-based architecture.
To find out more, do visit https://apixplatform.com. Please also join us on our APIX Community Forum, an online forum that hosts discussions around finance and technology with members from all horizons, and follow us on LinkedIn to get the latest and up-to-date news of APIX.
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