CB Bank from Myanmar becomes the first bank in the ASEAN region to launch its Innovation Lab on the APIX platform to collaborate and partner with FinTechs globally.
APIX (API-Exchange) is the world’s first cross-border open-architecture platform to connect banks and FinTechs through a standardized framework to foster collaborations and partnerships. APIX supports financial institutions on their digital innovation journey, as well as drives greater financial and economic inclusion in South East Asia and beyond.
“We are very honoured to be the first Myanmar Bank to be on the APIX platform. Globally, we can see many successful examples of banks working together with FinTechs to provide value-added services to its customers as well as provide innovative financial solutions. We believe that APIX Platform by the ASEAN Financial Innovation Network (AFIN) will empower us to choose trusted FinTech partners more efficiently. We are very eager to participate actively and seek more partnerships with FinTechs and regional institutions. We also hope to bring onboard FinTechs and universities in Myanmar to be on the APIX platform to grow the FinTech ecosystems and tech talent pipeline.”, said Thein Zaw Tun, Managing Director of CB Bank.
“APIX Team is delighted to support CB Bank’s Innovation journey and we welcome them as the First Bank in Myanmar to have their “Innovation-Lab-on-Cloud”. APIX will support CB Bank work efficiently and effectively on their digital journey. This is a great start towards a cost-effective digital innovation path which opens them to work with FinTechs across the world” said Manish Diwan, Managing Director of ASEAN Financial Innovation Network.
“Aside from simplifying how Financial Institutions search for FinTechs, business teams don’t have to wait for NDAs, POC budgets, I.T. infrastructure to be put in place to start building prototypes on APIX. This alone saves 9-12 months for each POC. Thru its on-demand cloud-native infrastructure, APIX delivers a separate and secure environment for each Financial Institution, complete with their own private sandbox, and empowerment to let unlimited users start experimentation. APIX makes collaboration and innovation frictionless.” said Navin Suri, CEO Percipient, a consortium partner developing the APIX platform.
About AFIN and APIX
AFIN is an initiative of IFC, a member of the World Bank Group, the ASEAN Bankers Association (ABA) and the Monetary Authority of Singapore (MAS). Its objective is to support experimentation and collaboration between regulated financial institutions and financial technology service providers. AFIN is launching an open-architecture platform to support such collaboration across the region. The focus of its efforts will be on helping financial institutions to expand access to finance, especially in the less developed markets in the region. www.apixplatform.com
About CB Bank
CB Bank is one of the largest leading private banks in Myanmar established in 1992. With technology at the core of our key initiatives to reimagine the future of financial services, CB Bank has:
• Established technology infrastructure and core banking systems,
• Introduced banking products and services for customers and clients on our digital platforms
• Forged strategic partnerships with many partners and service providers
Over 27 years, CB Bank has grown from 33 employees to around 9,000 employees and opened 232 branches. Tailored to customer requirements, CB Bank offers financial solutions to corporate clients, SMEs and individual customers
