IFC and MAS join forces to develop fintech innovation in Asean

SINGAPORE (May 23): IFC, a member of the World Bank Group, and the Monetary Authority of Singapore (MAS) signed a memorandum of cooperation on Tuesday, agreeing to work together to establish and develop the Asean Financial Innovation Network (AFIN).

The network aims to facilitate broader adoption of financial technology (fintech) innovation and development, and enhance economic integration within the Asean region.

Through AFIN, IFC and MAS plan to establish a regional network to help financial institutions, fintech firms and regulators address issues of connectivity, local compliance and cross border compatibility.

---

Related Stories

• MAS set to hold monetary policy as inflation persists
• India’s HDFC Bank seeks Singapore bank license to grow overseas
• Singapore regulator proposes wider investigative powers

---