AFIN, R3 Partner to Launch CBDC Sandbox on APIX Platform

MAS’ Sopnendu Mohanty says the collaboration will enable the global fintech ecosystem to better understand financial innovations around digital currencies.

AFIN (ASEAN Financial Innovation Network) has partnered with enterprise software firm R3 to enable banks and fintechs to build and test CBDC applications, and drive its innovation and adoption globally.

AFIN is a not-for-profit entity jointly formed in 2018 by MAS (Monetary Authority of Singapore), the IFC (International Finance Corporation), and the ASEAN Bankers Association.

Through R3 and AFIN’s collaboration, AFIN will launch a new digital currency sandbox in APIX (API Exchange), with R3 serving as the first partner organisation to provide APIs for building applications using digital currencies.

The APIX platform was set up by AFIN three years ago as a cross-border, open architecture API marketplace for collaboration between fintechs and financial institutions, allowing participants to integrate and test solutions in a sandbox environment via cloud-based architecture.

Select APIs of the R3 Sandbox for Digital Currencies, as well as a learning and development platform for CBDC experimentation used by global financial institutions and regulatory bodies, will be listed on APIX from August 2021.

The initiative will enable developers to create and edit code, integrating R3’s APIs and others across different solution domains in APIX’s marketplace.

“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,” R3 said in a statement.

The sandbox provides an environment for central banks, commercial banks, exchanges, payment providers and fintechs to collaborate and evaluate CBDC use cases, as well as to learn, transact, and test roll-out strategies.

“MAS is encouraged by the collaboration between AFIN and R3 to facilitate broader experimentation between central banks, financial institutions, and fintechs around the world,” said MAS Chief FinTech Officer Sopnendu Mohanty.

“The collaboration will enable the global fintech ecosystem to better understand the financial innovations around digital currencies.”

More information about the R3 Sandbox for Digital Currencies is available here.

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