Emirates NBD, a banking group operating in the Middle East, North Africa and Turkey (MENAT) region, has joined forces with a fintech collaboration platform APIX Singapore.
Under the collaboration, Emirates NBD will gain access to APIX’s network of fintechs and financial institutions in the Asia Pacific and their real time APIs.
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APIX is a cross-border, open-architecture API marketplace and sandbox platform launched by the ASEAN Financial Innovation Network (AFIN).
The platform is used by fintechs and financial institutions to collaborate, integrate and test solutions using a cloud-based architecture.
In the first half of 2021, 43 fintechs operating in Singapore received over $725m in funding. Emirates NBD’s partnership with APIX will give it access to such fintechs.
The partnership will further discussions over the development of new business models, regulations, collaborations, and new financial technologies framework.
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By GlobalDataEmirates NBD group chief information officer Miguel Rio Tinto said: “As the first bank in the Middle East to team up with APIX, we are excited to discover and collaborate with international fintech players in Singapore to bring new opportunities and drive Fintech innovation in the region.
“We see this as a chance to stay ahead of the curve and bring our customers best-in-class experiences through new innovative digital products and services.”
The partnership will also enable Emirates NBD to design and develop new products using APIX’s catalogue of member APIs along with templates and API connectors and tools.
Monetary Authority of Singapore chief fintech officer Sopnendu Mohanty said: “We are proud and glad to have Emirates NBD join APIX as an essential member. We are confident that with this partnership, our organisations will succeed in our endeavours in building a stronger ecosystem while reducing technological risk and cost by leveraging APIX’s global fintech community and readily available cloud infrastructure.”
