AFIN Launches Fintech Global Registry ChekFIN to Ease Open Banking Partnershipsby Fintech News Singapore November 9, 2021
The ASEAN Financial Innovation Network (AFIN) announced the launch of ChekFIN, a global fintech registry aiming to assist Financial Institutions (FIs) in identifying and evaluating fintech companies for collaboration and development opportunities.
Created in collaboration with Boston Consulting Group Fintech Control Tower (BCG FCT) and Temasek-founded Affinidi, the registry is set to go live on the 1st December 2021.
ChekFIN is built using the latest generation of internet Web 3.0 services, and will provide a decentralised, open standard, and trust-based solution enabling and empowering financial institutions to reduce the amount of time spent searching for and assessing a suitable partner firm.
The platform includes unique features such as a comprehensive taxonomy and tagging system to facilitate easy search, easy access to aggregated and relevant information on firms in a single place, and the ability to assess their digital reputation and credibility using Verifiable Credentials (VCs) – a key element in ChekFIN.
Verifiable credentials are a form of digital certificate that are machine-readable, tamper-evident, consent-driven, cryptographically secure and can be used to represent any type of information about its holder.
When ChekFIN is launched, every fintech will be allowed to share three specific credentials to start with.
This includes business references from existing financial institution customers, hackathon and other technical awards, and funding support and grants obtained.
AFIN said that more VCs will be enabled and added in the future.
The platform will leverage BCG Fintech Control Tower’s assets, which tracks 27,000 fintech firms globally, providing insights to the fintech ecosystem at large.
ChekFIN will also use technology built by Affinidi, a firm that builds global ecosystems centered on identity and data using Web 3.0 principles.
The platform has ten industry partners working with APIX to issue the first set of verifiable credentials including BNY Mellon, Cantilan Bank, Credit Agricole, Emirates NBD, ING Group, OCBC, Prudential, Swiss Re, Union Bank of Philippines and UOB.
H.E. Serey Chia, Assistant Governor of the National Bank of Cambodia and a member of AFIN’s Advisory Board said,
“With our proprietary technology and deep understanding of the needs of the fintech industry, we hope that the platform would bring about greater connectivity in the fintech ecosystem, globally.
In the long run, we hope that the platform would serve as a credible, reliable and trusted source of information for the fintech ecosystem and speed up adoption of new technologies by financial institutions to better serve their clients, fast-track financial inclusion and contribute to SDG efforts.”
Featured image: Edited from Unsplash