of Monetary Authority of Singapore (MAS) announced the launch of the Global Finance & Technology Network (GFTN).
The launch aims to strengthen Singapore’s position as a global fintech hub by fostering international cooperation and driving innovation in financial services.
GFTN replaces nonprofit organization erevandi An initiative that organized and globalized Singapore Fintech Festival (SFF).
The new organization will expand Elevandi’s mission with a focus on global connectivity and advancements in payments, artificial intelligence (AI), and asset tokenization.
GFTN operates through four main areas. GFTN Forum will act as the convener of global conferences focused on finance and technology, building on Elevandi’s five existing forums, including its flagship SFF, and expanding into other regions.
This approach aims to build networks that foster collaboration across disciplines and borders.
GFTN Advisory It acts as a knowledge center and provides practitioner-led consulting and support to authorities in developing countries, particularly in developing policies that use technology to improve financial services.
meanwhile, GFTN platform provides digital services such as market access support, analytics, and sustainability reporting for small and medium-sized businesses.
lastly, GFTN Capital acts as an investment fund, funding early- and growth-stage startups focused on fintech and climate technology, and connecting them to a global network of potential partners, buyers and suppliers.
GFTN’s leadership team includes Ravi Menon, former MAS Executive Director, current Climate Action Ambassador and Senior Adviser to the National Climate Change Secretariat in the Prime Minister’s Office, who will serve as Board Chair.
Mr. Sopnedhu Mohanty, current Chief FinTech Officer of MAS, will become Group CEO on February 1, 2025, and Mr. Kenneth Gay, Executive Director of Enterprise Knowledge at MAS, will become Chief FinTech Officer. Masu.
Gay will remain in his current position until January 31, 2025, overseeing MAS’ data, knowledge management, and AI development efforts.
The International Advisory Board (IAB) provides guidance to the GFTN Board of Directors, which is comprised of world leaders committed to the public good.
Both the Board and IAB will be formally introduced at the Singapore FinTech Festival in November.
“GFTN will drive greater synergy within the global financial and technology communities towards financial services innovation that creates positive economic value and social impact.
We aim to cultivate sustainable and inclusive pathways to serve communities around the world, strengthening Singapore’s global connectivity and role as a fintech hub. ”
Menon said.
“The global financial technology (FinTech) and innovation ecosystem has experienced significant growth over the past decade, and MAS is playing a pivotal role in this development. A solid foundation has been established.
GFTN aims to address the evolving requirements of the global fintech ecosystem and is strategically positioned to realize our mission through forum hosting, advisory, digital platforms, and capital consolidation. ”
shared Mohanty.
Featured Image: (Left to Right) Neil Parekh, appointed Member of the Singapore Parliament and Non-Executive Chairman of Tikehau Capital (until recently Partner and Head of Asia and Australia)
Vice Chairman of GFTN. Ravi Menon, Singapore Climate Change Ambassador and Senior Adviser to the Prime Minister (National Climate Change Secretariat) and Chairman of the GFTN Board of Directors. #Sopnendu Mohanty, MAS Chief FinTech Officer, appointed GFTN Group CEO. Mr. Leong Sing Chiong, Deputy Managing Director of MAS and Vice Chairman of GFTN, said:
