Malaysia
Singapore
Philippines
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The Monetary Authority of Singapore (MAS) has officially announced the establishment of the Global Finance & Technology Network (GFTN), a not-for-profit organization dedicated to fostering global partnerships and advancing technology-driven innovation in the financial sector.
The launch of GFTN underscores Singapore’s commitment to enhancing its position as a global FinTech hub. Building on MAS’s prior initiatives, the GFTN aims to accelerate FinTech development, scale the renowned Singapore FinTech Festival (SFF), and drive impactful global innovation in areas such as payments, asset tokenization, artificial intelligence (AI), and quantum computing.
A New Chapter in Singapore’s FinTech Journey
MAS has consistently spearheaded FinTech advancements through initiatives like its regulatory sandbox, cross-border payment systems, digital asset pilots, and AI adoption programs. The establishment of GFTN represents the next step in this evolution, replacing Elevandi, the non-profit entity launched three years ago to facilitate FinTech collaboration between the public and private sectors.
GFTN’s focus will include convening industry forums, providing advisory services for FinTech innovation ecosystems, offering transformative digital platforms, and investing in technology startups with high growth potential and societal impact.
“GFTN will catalyze the growth of Singapore’s FinTech ecosystem and strengthen synergies with the global FinTech community,” MAS stated, emphasizing its commitment to fostering innovation, enhancing financial resilience, and driving inclusivity.
Leadership and Structure
The organization will be led by prominent figures in the FinTech landscape:
- Ravi Menon, Singapore’s former managing director of MAS and current ambassador for climate action, will serve as GFTN’s chairman.
- Sopnendu Mohanty, MAS’s chief FinTech officer since 2015, will take over as GFTN’s group CEO on February 1, 2025.
- Kenneth Gay, a MAS veteran, succeeded Mohanty as MAS’s chief FinTech officer.
Other key leaders include MAS deputy managing director Leong Sing Chiong and Neil Parekh, chairman of Tikehau Capital and a nominated member of Singapore’s parliament.
Strategic Vision and Core Pillars
GFTN will operate across four strategic business areas:
- Forums: Hosting global platforms for dialogue and collaboration on critical FinTech issues.
- Advisory: Offering expert guidance to support innovation and regulatory harmonization.
- Platforms: Developing digital tools to transform financial ecosystems.
- Capital: Investing in high-impact technology startups.
Pat Patel, formerly of Elevandi, hailed the formation of GFTN as a natural progression of Singapore’s FinTech leadership. Reflecting on Elevandi’s achievements during the challenging COVID-19 period, Patel expressed enthusiasm for GFTN’s expanded global mandate.
Global Implications
With Singapore already established as a key player in FinTech innovation, GFTN is poised to elevate the city-state’s global influence further. By leveraging emerging technologies and building strategic partnerships, GFTN aims to create more resilient, efficient, and inclusive financial systems worldwide.
The upcoming Singapore FinTech Festival will showcase GFTN’s vision and kickstart its initiatives, reinforcing Singapore’s role as a premier global FinTech destination.
GFTN’s launch not only enhances MAS’s standing as a regulatory pioneer but also sets a new benchmark for collaboration in the fast-evolving FinTech landscape.