ASEAN Financial Innovation Network Partners with R3 to Build CBDC Sandbox
The ASEAN Financial Innovation Network (AFIN) and R3 have joined forces to create a central bank digital currency (CBDC) sandbox. This sandbox will make it easier for fintech firms and traditional banks to create and test their CBDC payment solutions.
The sandbox, which will be launched on the API Exchange (APIX) platform in August 2021, is a response to the increasing demand for contactless payment solutions in the wake of the COVID-19 pandemic.
CBDCs are seen as a way to enhance cross-border payments and could play a significant role in the future of finance.
AFIN is a not-for-profit organization co-founded by the Monetary Authority of Singapore (MAS), the International Finance Corporation (IFC), and the ASEAN Bankers Association.
Pieter Franken, Independent Advisor at AFIN, believes that the new sandbox will make life easier for central banks, especially as global adoption of cryptocurrencies like Bitcoin continues to increase.
R3 is a company dedicated to creating enterprise blockchain solutions and its APIs will be available on the APIX platform. This will allow financial institutions and fintech firms to collaboratively design new CBDC solutions and deploy them as future-ready enterprises.
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