Citi will tap into API Exchange’s (APIX) global ecosystem of fintech firms to swiftly identify solution partnerships and test them in a cloud-based sandbox before implementation.
Citi will work with APIX to accelerate time to market of new solutions launched for the bank’s institutional clients, according to an announcement on Wednesday.
The collaboration builds on their partnership for Citi’s Innovation Lab in Singapore, which has created five proof-of-concepts on the APIX platform in the trial stage.
«Fintech partnerships are a key part of Citi Treasury and Trade Solutions’ broader innovation framework and they complement our extensive in-house innovation engagements. Our engagement with fintechs is significant and growing as we seek to introduce new and impactful solutions to our clients,» Rajesh Mehta, Asia Pacific Head, Treasury and Trade Solutions, Citi, said in the statement.
APIX is a global cloud-based sandbox and marketplace for financial institutions and fintechs to collaborate and deploy solutions rapidly. It is the flagship product of AFIN, established in 2018 by the Monetary Authority of Singapore (MAS), the World Bank Group’s International Finance Corporation (IFC) and the ASEAN Bankers Association.