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.
