Global Registry Launched to Help Financial Institutions Find FinTech Companies to Work with, Banking News & Top Stories
SINGAPORE – Financial institutions (FIs) will soon have an easier time finding fintech companies to work with, via a global fintech registry set to go live next month.
The ChekFIN platform aims to help FIs identify and assess FinTech companies for collaboration and development opportunities, said the Asean Financial Innovation Network (Afin).
“FIs have struggled to find and assess FinTech companies before working with them. A lot of these problems … stem from the lack of a platform that consolidates all relevant information,” he said. declared the nonprofit organization.
FIs also face challenges in assessing the company’s compliance readiness and credibility, and are unable to share key information with relevant parties in a single repository, he added.
ChekFIN will provide a “decentralized, open and trust-based solution” that will reduce the time it takes for financial institutions to find and assess a suitable partner company, said Afin, who created the registry in conjunction with the Boston Consulting Group FinTech. Control Tower and Temasek founded Affindi.
The platform was unveiled by the Managing Director of the Monetary Authority of Singapore, Ravi Menon, during the Singapore FinTech Festival on Tuesday, November 9. It will go live on December 1st.
It will include a taxonomy and tagging system to make it easier to find business information in one place.
FIs will also be able to assess the reputation and credibility of fintech players using verifiable credentials, which are secure digital certificates that can be used to represent any type of information about their holder. .
To begin with, FinTech companies will be allowed to share three specific credentials: trade credentials from existing client financial institutions, a hackathon and other technical awards, as well as the financial support and grants they have. obtained. More verifiable credentials will be added in the future, Afin said.
Ten financial institutions are working with Apix – Fin’s fintech innovation platform – to deliver the first set of credentials. These are BNY Mellon, Cantilan Bank, Crédit Agricole, Emirates NBD, ING Group, OCBC, Prudential, Swiss Re, Union Bank of Philippines and UOB.