ASEAN Financial Innovation Network (AFIN) has signed two memorandum of understandings with PwC and Bridge+ to create a more connected fintech ecosystem in the region, according to an official statement.
The move, according to AFIN, a non-profit entity jointly formed by the Monetary Authority of Singapore (MAS), the World Bank Group’s International Finance Corporation (IFC) and the ASEAN Bankers Association, intends to grant better resources and support to fintech firms on the APIX platform, AFIN’s flagship initiative which facilitates financial institutions and fintech firms to connect one another.
AFIN hopes the fintech industry can grow faster and more rapidly with the creation of a better connected ecosystem, the announcement said.
As part of the collaboration, PwC Singapore’s Venture Hub will connect fintech firms on the APIX platform with venture capitalists, incubators and accelerators. These firms can also tap on PwC’s services at special rates.
On the other hand, Bridge+ will provide fintech firms access to its co-working spaces and shared meeting amenities in key Asian markets such as China, India, and Singapore.
Fintech is an important cornerstone for Singapore, as the city-state has been devoting resources to ensure continued and sustainable growth. Just this week, MAS announced the launch of a new pilot scheme called Payments Regulatory Evaluation Program (PREP) to help fintech firms navigate local regulations.