Further strengthening its position as a regional digitalization movement, Digital Pilipinas, the largest private-sector movement for tech-powered transformation, recently signed a Memorandum of Understanding (MOU) with Asosiasi Fintech Syariah Indonesia (AFSI), a major Fintech association in Indonesia last November 23-24, 2023 in Jakarta, Indonesia. This alliance has the potential to enable an unprecedented level of collaboration and knowledge sharing between the two countries through their respective fintech ecosystems.
AFSI, represents Indonesia’s Sharia-compliant fintech startups. The MOU underscores the commitment of both parties to promote financial inclusion and ethical financial practices within the region. The collaboration will focus on developing Sharia-compliant fintech solutions, capacity building for Islamic finance professionals, and exploring opportunities for cross-border collaboration in the Sharia fintech space.
Established in 2017, AFSI plays a crucial role in nurturing the development of Sharia-compliant fintech solutions in Indonesia. The association works closely with regulators and industry stakeholders to ensure adherence to Sharia principles, while also promoting the adoption of innovative fintech solutions that cater to the needs of the Muslim community. AFSI’s efforts have contributed significantly to Indonesia’s position as a global leader in Islamic fintech.
Digital Pilipinas, spearheaded by convenor Amor Maclang, has established itself as a prime mover of digital transformation in the region. The Digital Pilipinas Festival in 2023, served as a nexus for the tech industry including the fintech sector during its staging late last year. Digital Pilipinas’ prime directive, that of building a robust digital ecosystem, coupled with its emphasis on regional collaboration, makes it an ideal partner for AFSI.
This MOU signing will enable synergy between the Philippines’ and Indonesia’s digital economies. By tapping the collective expertise and resources of all parties involved, this partnership holds the key to unlocking new opportunities for collaboration, driving innovation, and creating a more inclusive and prosperous digital future for both nations.
The road ahead promises exciting possibilities as Digital Pilipinas, and AFSI join forces to shape the future of fintech in the region. This strategic alliance offers a glimpse into a future where innovation knows no borders, and the shared pursuit of progress transcends geographical boundaries
