Asean Financial Innovation Network

What Asean Financial Innovation Network does

Asean Financial Innovation Network operates the APIX Platform, a cross-border, open-architecture innovation platform-as-a-service connecting financial institutions, central banks, multilateral organizations, and fintechs. Its four core product modules are a Hackathon Management Suite for end-to-end innovation challenges, a Sandbox as a Service providing a cloud-based IDE with live core-banking API simulation and GitHub import/export, a Synthetic Data offering delivering 25+ million synthetic datapoints for solution validation, and a White Label Innovation Platform that packages all capabilities under an institution's own brand (anchored by SBI InnoHub with State Bank of India). The platform also operates a Fintech and API Marketplace with 2,500 fintechs across categories including Digital Currency, Digital Wallet, AI, Lending, and Regtech, supported by 28+ fintech association partnerships.

The company was established in 2018 as a non-profit by the Monetary Authority of Singapore (MAS), the International Finance Corporation (IFC, World Bank Group), and the ASEAN Bankers Association (ABA), launched at Singapore FinTech Festival 2018. In 2022 it transitioned to a for-profit entity under Synfindo Singapore Pte. Ltd., backed by LemmaTree Group (founded by Temasek) and Mastercard. Headquartered in Singapore with 1-10 employees, APIX reports 10,000+ innovators across 100+ countries, 134 financial institutions, 2,500+ proof-of-concepts, 20,000+ sandboxes, and 3,000+ problem statements addressed.

The business model is enterprise SaaS with quote-based pricing and four recurring revenue streams: White Label Innovation Platform subscriptions, Hackathon and Innovation Challenge hosting, Sandbox as a Service, and Synthetic Data Services. Distribution combines direct enterprise field sales (with 'Book A Call' CTAs), self-serve onboarding for individual developers and fintechs (SSO via Google, Microsoft, GitHub), and white-label OEM deployments. Customer concentration spans marquee global banks (HSBC, Goldman Sachs, Citi, BNY Mellon, Akbank, TymeBank), insurers (Prudential, AIA), market infrastructure (SWIFT, NPCI, GLEIF, Mastercard), and central banks/multilaterals (MAS, RBI, CBUAE, Banco Central do Brasil, South African Reserve Bank, BIS, World Bank/IFC).

Name

Asean Financial Innovation Network

Legal name

Synfindo Singapore Pte. Ltd.

Website

https://apixplatform.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

APIX is a cross-border Innovation Platform-as-a-Service (sandbox, hackathon, synthetic data, fintech marketplace, and white-label deployments) that connects financial institutions, central banks, and fintechs across 100+ countries, founded by MAS and the World Bank Group's IFC in 2018 and now operated for-profit by Synfindo Singapore Pte. Ltd.

Ownership category

akta.pro rank

Product category

Fintech Innovation Platform

NAICS

Software Publishers (5132), Computer Systems Design and Related Services (54151)

SIC

Services-Prepackaged Software (7372), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

API Management Platforms (API Gateways, Developer Portals) (HDAEAIAA)

akta.pro secondary industries

Open Banking APIs & Connectivity (FSAMAFAA), API Management & Gateways (BPAMAOAA), Payment Gateways & API Connectivity (FSAGABAB)

Keywords

• Fintech innovation platform
• API marketplace
• Sandbox as a service
• White label innovation platform
• Synthetic data services

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Platform Subscription (White Label Innovation Platform): Annual/subscription fees for white-label innovation platform deployment under institution's brand. Institutions build and own their innovation ecosystem with every fintech, developer, and innovator onboarded becoming part of their community.
2. Hackathon and Innovation Challenge Hosting: Fees for hosting hackathons and innovation challenges on the platform. Institutions and regulators define problem statements, open to global community, and surface solutions through structured time-bound format.
3. Sandbox as a Service: Secure, cloud-based API sandbox access for testing and experimentation. Institutions and fintechs can test and experiment in simulated environments without touching live production systems.
4. Synthetic Data Services: Custom-generated datasets for validating solutions without exposing sensitive customer data.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels9 records

Core offering

APIX Platform is a cross-border, open-architecture Innovation Platform-as-a-Service that connects financial institutions and regulators with a global network of 10,000+ fintechs and developers across 100+ countries. It bundles four core product modules — Hackathon Management Suite, Sandbox-as-a-Service, Synthetic Data, and White Label Innovation Platform — alongside a Fintech and API Marketplace, enabling institutions to discover, source, evaluate, test, and deploy fintech solutions on a single integrated platform.

Product overview

APIX Platform is a multi-product innovation platform as a service consisting of four core product modules: (1) Hackathon Management Suite for end-to-end innovation challenge management, (2) Sandbox As A Service for secure API testing and experimentation, (3) Synthetic Data for validating solutions with zero real customer data, and (4) White Label Innovation Platform that combines all capabilities under an institution's own brand. These are supported by a Fintech and API Marketplace connecting financial institutions with 2,500+ fintechs. The platform is designed to compress the FI-fintech collaboration cycle from 18-24 months down to 3-6 months.

Differentiator

Problem solved

Functional benefit

Brands

• APIX Marketplace: Global fintech and API marketplace connecting institutions with fintechs on the platform.
• APIX Sandbox
• APIX Hackathon
• White Label Innovation Platform

Products and services

• Hackathon Management Suite An end-to-end hackathon and innovation challenge management suite that lets institutions and regulators define problems, open them to a global community of 10,000+ innovators, and surface the best solutions in a structured, time-bound format.
• Sandbox As A Service A secure, cloud-based API sandbox where financial institutions and fintechs can test and experiment in simulated bank-grade environments without touching live production systems, with GitHub import/export and core-banking application integration.
• Synthetic Data A dataset product providing 25+ million synthetic datapoints and custom-generated datasets that enable institutions to validate fintech solutions with real-world fidelity while using zero real customer data.
• White Label Innovation Platform A fully managed, always-on innovation platform delivered under the institution's own brand identity, combining the fintech marketplace, hackathon management suite and digital sandbox into a single branded hub for the institution's ecosystem.
• APIX Fintech and API Marketplace A global fintech and API marketplace with 2,500+ fintechs across 100+ countries, supported by 28+ fintech association partnerships, providing API discovery, subscription and testing across categories including Digital Currency, Digital Wallet, AI, Lending and Regtech.

Quantifiable outcome

• Compresses FI-fintech collaboration cycle from 18-24 months to 3-6 months (>75% reduction in time-to-market)
• +4 more outcomes

Named customers21 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability3 records

Feature5 records

Partnerships

19 partnerships are on record, tiered regional, strategic, flagship and core.

• FinTech Association of Sri Lanka (FASL)regionalStrategic or Co-development Partner · 9 March 2026Partnership bridging Colombo, Dubai, and Singapore fintech ecosystems through APIX Platform. Positions Colombo within innovation corridor connecting South Asia, Southeast Asia, and Middle East. Launches fintech corridor for Sri Lankan innovators.
• Fintech LatviaregionalStrategic or Co-development Partner · 13 January 2026Strategic collaboration to expand international opportunities for Latvia's fintech community. Enables Latvian startups to connect with banks, regulators, and multilateral organizations globally through APIX ecosystem.
• FinTech ArmeniaregionalStrategic or Co-development Partner · 2 June 2025Strategic partnership to unlock global collaboration opportunities for FinTech innovators in Armenia and Caucasus region. Enables 2,100+ fintechs to engage with global financial institutions through hackathons, sandboxes, and showcase opportunities.
• HitachistrategicStrategic or Co-development Partner · 1 January 2024Hitachi Green Finance Innovation Challenge 2024 co-created with Hitachi and ConceptVines, hosted on APIX Platform. 78 proposals from 20 countries addressing sustainable real estate finance challenges.
• ConceptVinesstrategicStrategic or Co-development Partner · 1 January 2024Co-organized Hitachi Green Finance Innovation Challenge 2024 with Hitachi and APIX Platform. Contributed to green finance handbook and sustainable finance innovation.
• Bank for International Settlements Innovation Hub (BISIH)flagshipStrategic or Co-development Partner · 1 January 2024Co-organizer of G20 TechSprint 2024 with Banco Central do Brasil, hosted on APIX Platform. Focus on sustainable finance and technology solutions for SDGs.
• Banco Central do BrasilflagshipStrategic or Co-development Partner · 1 January 2024Co-organizer of G20 TechSprint 2024 with BIS Innovation Hub, hosted on APIX Platform. Focus on sustainable finance technology solutions.
• Inter-American Development Bank (IDB)flagshipStrategic or Co-development Partner · 1 January 2024Supporting organization for G20 TechSprint 2024, contributing to sustainable finance innovation initiatives.
• IDB LabflagshipStrategic or Co-development Partner · 1 January 2024Innovation and venture laboratory of IDB Group supporting G20 TechSprint 2024.
• FenasbacflagshipStrategic or Co-development Partner · 1 January 2024Federação Nacional das Associações dos Servidores do Banco Central do Brasil providing stipends to shortlisted participants and prizes to winners for G20 TechSprint 2024.
• Saudi Awwal Bank (SAB)strategicStrategic or Co-development Partner · 1 January 2024SAB Hackathon 2024 hosted on APIX Platform in collaboration with Arthur D. Little. Designed to spark cross-border ideation and co-create solutions to real-world financial challenges.
• G20 Brazilian PresidencyflagshipStrategic or Co-development Partner · 1 January 2024G20 TechSprint 2024 aligned with G20 Brazilian presidency priority of 'building a just world and a sustainable planet' for sustainable finance innovation.
• GFTN Forum JapanstrategicGTM or Marketing Partner · 1 January 2024Grand finale of Hitachi Green Finance Innovation Challenge held during GFTN Forum Japan, showcasing winning solutions.
• AmdocsstrategicStrategic or Co-development Partner · 1 January 2024Collaborated on whitepaper 'Becoming a Global Artificial Intelligence in Finance Hub' with MAS and Oliver Wyman exploring strategies for AI in finance.
• Oliver WymanstrategicStrategic or Co-development Partner · 1 January 2024Co-authored whitepaper on AI in Finance Hub with APIX and MAS providing industry expertise and analysis.
• Monetary Authority of Singapore (MAS)coreStrategic or Co-development Partner · 1 January 2018Co-founded APIX in 2018 as non-profit to accelerate financial innovation and digital transformation. Launched at Singapore FinTech Festival 2018 by India's PM Modi and Singapore's DPM Tharman. MAS remains key strategic partner supporting innovation initiatives.
• International Finance Corporation (IFC), World Bank GroupcoreStrategic or Co-development Partner · 1 January 2018Co-founded APIX in 2018 as non-profit with MAS and ASEAN Bankers Association. IFC's priority is to support financial services innovation and inclusion in emerging markets providing platform for collaboration between FIs and fintechs.
• ASEAN Bankers Association (ABA)coreStrategic or Co-development Partner · 1 January 2018Co-founded APIX in 2018 as non-profit with MAS and IFC to foster innovation and collaboration between FIs and fintechs across ASEAN region.
• International FinTech Association Partnerships (28+)regionalGTM or Marketing Partner · 1 January 2018Network of 28+ fintech associations worldwide enabling APIX to connect financial institutions with innovators across regions. Includes FinTech Armenia, Fintech Latvia, FASL, and others.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Plug and Play: Global startup accelerator and innovation platform with a dedicated fintech vertical that runs corporate innovation programs, hackathons, and PoC matchmaking for major banks and insurers — closely overlapping APIX's 'discover-source-test' workflow.
• Level39: London-based fintech accelerator and workspace operating corporate innovation programs and PoC matchmaking for global FIs; addresses the same FI-fintech sourcing and validation problem as APIX, focused primarily on EMEA.
• F10 (Fintech Innovation Platform): Singapore-headquartered fintech innovation hub running accelerators, PoC sandboxes, and corporate-fintech matchmaking — direct regional overlap with APIX, also targeting banks and insurers in APAC.
• Rainmaking Innovation: Operates corporate venture studios and fintech accelerators (including with Mastercard and major banks), running structured innovation programs that match corporates with fintechs — competing directly for the same enterprise innovation budget.
• Finnovista: LATAM fintech hub running acceleration programs, hackathons, and innovation challenges connecting fintechs with banks and regulators across emerging markets — comparable mission of scaling fintech-bank collaboration across geographies.

Broad incumbents

• Mastercard Start Path: Mastercard's in-house fintech accelerator and innovation program for early-stage fintechs. Notable overlap given Mastercard is both an APIX investor and operates its own competing matchmaking and PoC program for fintech integration.
• Visa Everywhere Initiative: Visa's global startup engagement programs (including pitch competitions and innovation partnerships) targeting fintech integration into Visa's rails — competing for the same fintech-discovery and bank-fintech collaboration mindshare as APIX.
• MuleSoft: Enterprise iPaaS/API management platform widely deployed inside banks for integration and developer portal use cases — competes for the API-management and sandbox tooling portion of APIX's stack at incumbent-scale banks.
• Apigee (Google Cloud): Google Cloud's API management and developer-portal platform, used by many large FIs to publish and govern APIs. Overlaps with APIX on the developer-portal / API-management component of the platform.

Others

• Postman: API development, testing, and collaboration platform used by fintech developers; adjacent infrastructure layer where APIX's sandbox IDE and API Console compete for developer mindshare.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/APIX_Platform
• LinkedInlinkedin.com/company/afin-apix
• Instagraminstagram.com/apixplatform

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Asean Financial Innovation Network