Singapore introduces ‘Global Finance and Technology Network’ to strengthen global financial connectivity

by

Azunta Gaviola

-

5 hours ago

Get ready to explore the future of marketing and elevate your business! The ‘What’s NEXT in Marketing 2024-2025’ series is heading to Indonesia, Malaysia, the Philippines, Singapore, and Hong Kong. Don’t miss out!

Singapore – In a bid to foster global fintech collaboration, the Monetary Authority of Singapore has recently announced the inauguration of the Global Finance and Technology Network (GFTN). This initiative aims to harness technology and innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems. 

With this, they further intend to enhance global connectivity for impactful innovation in financial services worldwide and bolster Singapore’s position as a global fintech hub. 

In terms of operations, GFTN will have four strategic businesses, including forums, advisory, platforms, and capital. 

For GFTN forums, the organisation will offer a global conference convenor dedicated to finance and technology. GFTN advisory, on the other hand, will serve as a knowledge centre providing practitioner-led advisory services and research on innovation policies and ecosystems.

Furthermore, GFTN Platforms provides digital platform services tailored for businesses, with a strong focus on empowering small and medium enterprises to drive digital transformation and growth. Lastly, the GFTN Capital is an investment fund dedicated to supporting technology start-ups that show strong potential for sustainable growth and positive social impact, fostering innovation in tech-driven solutions.

GFTN will operate under the guidance of an International Advisory Board (IAB) comprising distinguished, globally recognised leaders with a demonstrated commitment to the public interest. Details of the BoD and IAB will be announced at the SFF on 6 November 2024.

The organisation’s board of directors will also be led by the recently appointed chairman, Ravi Menon, who also serves as the country’s ambassador for Climate Action and senior adviser to the National Climate Change Secretariat at the Prime Minister’s Office.

Menon said, “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,” he further shared.

Along with him are Leong Sing Chiong, deputy managing director at MAS, and Neil Parekh, Nominated Member of Parliament, Singapore, and Non-Executive Chairman (till recently Partner and Head of Asia & Australia) at Tikehau Capital, who have been appointed as deputy chairmen.

Meanwhile, Sopnendu Mohanty, currently Chief FinTech Officer at the MAS, will assume the role of group chief executive officer at GFTN, which takes effect by 1 February 2025, marking his departure from the MAS.

Mohanty, on the other hand, asserted, “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,he explained.

 

Happening in Singapore on 19-20 February 2025, the ‘What’s NEXT in Marketing: Singapore 2025’ event presents an exceptional opportunity for marketers and industry leaders to talk about the future of marketing and drive success in the Singaporean market! Register now to secure your slot!
Discover the latest trends in business communication from over 473 billion interactions in Infobip‘s ‘Conversational experience trends 2024‘ report. Mobile messaging, chat apps, and social media lead in customer engagement. Download here for FREE!

 

Share

RECENT ARTICLES

JD.com to offer free shipping options in Malaysia, Thailand with recent market expansion
Blackpanda, CSA team up for Singapore’s cybersecurity emergency response, insurance
Singapore introduces ‘Global Finance and Technology Network’ to strengthen global financial connectivity
Singtel, Western Union sign conditional agreement sale of mobile wallet Dash
Retailers face increased fraud risks as cyber threats target e-commerce space: report
Ellipse 3

RELATED ARTICLES

2_MAS inks agreement with Singapore’s leading banks to pioneer quantum security solutions in financial sector
Singapore’s MAS to advance quantum computing, AI capabilities with recent S$100m finance investment 
MAS_UpTech_11zon
Ellipse 3

FEATURED ARTICLES

Aryton Soliano on driving Moby Money’s data-driven marketing, consumer success in Malaysia’s Islamic fintech industry following appointment (1) (1)
EW2025_(UT)Launch Article_Feature Image_11zon
Defence at the digital frontier Mimecast’s Stanley Hsu on building resilience against fraud, cyber risks in Singapore’s e-commerce scene

Subscribe to UpTech Media Newsletter

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.

Video Title Here: The Indonesian on-ground activation status

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos.