Aboitiz Data Innovation (ADI) and Synfindo have signed a Memorandum of Understanding (MOU) to formalize their partnership and accelerate data innovation in financial services. The partnership aims to explore the use of a secure Virtual Private Cloud (VPC) environment for data model creation and proof of concept.

Synfindo is a fintech start-up that enables growth for the financial services industry by accelerating collaboration opportunities between financial institutions and fintech companies. The partnership will allow Synfindo to leverage ADI's data exchange platform, Parlay, to drive private adoption and assist financial services firms in accelerating their digital transformation journeys.

"We are delighted to partner with ADI to transform the banking and financial sector by introducing innovation and digitalization," said Umang Moondra, CEO of Synfindo.

Launched in May this year, Parlay was created to address the common challenges businesses face with data sharing adoption – data kept in silos and complicated and lengthy legal procedures around the loss of control of data being shared. The platform allows businesses across industries, sectors, and borders to visualize new possibilities, explore data from other sectors, and experiment new data-driven approaches to solving business problems.  

This collaboration will allow Synfindo and its customers to enjoy faster delivery for data modeling and data interactivity, helping them achieve their core goal of accelerating FinTech and RegTech innovation more efficiently.