The Monetary Authority of Singapore (MAS) has announced the launch of the Global Finance & Technology Network (GFTN).
The launch seeks to enhance Singapore’s position as a global fintech hub by fostering international collaboration and driving innovation in financial services.
GFTN will replace the not-for-profit Elevandi initiative, which organised and globalised the Singapore Fintech Festival (SFF).
The new entity will expand on Elevandi’s mission with a focus on global connectivity and advancements in payments, artificial intelligence (AI), and asset tokenisation.
GFTN will operate through four key areas. GFTN Forums will serve as a global conference convenor dedicated to finance and technology, building on Elevandi’s five existing forums, including the flagship SFF, and expanding into additional geographies.
This approach aims to create a network that encourages cross-sectoral and cross-border collaboration.
GFTN Advisory will act as a knowledge center, providing practitioner-led consultancy and support for authorities in developing countries, particularly in developing policies that use technology to improve financial services.
Meanwhile, GFTN Platforms will deliver digital services for small and medium enterprises, including market access support, analytics, and sustainability reporting.
Lastly, GFTN Capital will function as an investment fund, providing capital to early-stage and growth-stage startups focused on fintech and ClimateTech, and connecting them to a global network of potential partners, buyers, and suppliers.
The GFTN leadership team includes Ravi Menon, former MAS Managing Director and current Ambassador for Climate Action and Senior Advisor at the National Climate Change Secretariat in the Prime Minister’s Office, who will serve as Chairman of the Board.
Sopnendu Mohanty, MAS’s current Chief Fintech Officer, will assume the role of Group CEO on 1 February 2025, while Kenneth Gay, MAS’s Executive Director for Enterprise Knowledge, will take over as Chief Fintech Officer.
Until 31 January 2025, Gay will continue in his current position, overseeing MAS’s data, knowledge management, and AI development efforts.
An International Advisory Board (IAB) will provide guidance to the GFTN Board of Directors, composed of global leaders committed to public interest.
Both the Board of Directors and the IAB will be formally introduced at the Singapore Fintech Festival in November.
“GFTN will drive greater synergies within the global finance and technology communities for innovations in financial services that create positive economic value and social impact.
We aim to unlock sustainable and inclusive pathways that serve communities around the world while strengthening Singapore’s global connectivity and role as a fintech hub”,
said Menon.
“The global financial technology (fintech) and innovation ecosystem has witnessed significant growth over the past decade, with the MAS playing a pivotal role in this development. This expansion has established a robust foundation for a reimagined global platform.
GFTN is aimed at addressing the evolving requirements of the global FinTech ecosystem, and is strategically positioned to realise our mission through the integration of convening forums, advisory, digital platforms, and capital,”
shared Mohanty.
Featured image: (From Left to Right) Neil Parekh, Nominated Member of Parliament, Singapore and Non-Executive Chairman (till recently Partner and Head of Asia & Australia) at Tikehau Capital and
Deputy Chairman of GFTN; Ravi Menon, Singapore’s Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister’s Office and Chairman of the Board of Directors of GFTN; #Sopnendu Mohanty, Chief Fintech Officer at the MAS and Group Chief Executive Officer-Designate of GFTN; Leong Sing Chiong, Deputy Managing Director of MAS and Deputy Chairman of GFTN.
