The Monetary Authority of Singapore (MAS) announced the establishment of the Global Finance & Technology Network (GFTN) to harness technology and foster innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems.
Mr Ravi Menon has been appointed Chairman of the Board of Directors of GFTN. Mr Menon is also Singapore’s Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister’s Office.
Mr Leong Sing Chiong, Deputy Managing Director of MAS, and Mr Neil Parekh, Nominated Member of Parliament, Singapore & Non-Executive Chairman (till recently Partner and Head of Asia & Australia) at Tikehau Capital, have been appointed as Deputy Chairmen.
Mr Sopnendu Mohanty, currently Chief FinTech Officer at the MAS, will be appointed Group Chief Executive Officer of GFTN, with effect from 1 February 2025 when he will relinquish his role in MAS.
GFTN will aim to enhance global connectivity for impactful innovation in financial services internationally and strengthen Singapore’s position as a global FinTech hub. It will build on the success of Elevandi, a not-for-profit company set up by MAS in 2021 to organise and globalise the Singapore FinTech Festival (SFF), which has grown to become the largest FinTech event of its kind in the world attracting some 65,000 participants from 150 countries.
GFTN will have four strategic businesses:
- GFTN Forums – a global conference convenor dedicated to finance and technology.
- GFTN Advisory – a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems.
- GFTN Platforms – a digital platform service provider for businesses, especially small and medium enterprises.
- GFTN Capital – an investment fund for technology start-ups that have the potential for sustained growth and positive social impact.
GFTN Forums will develop a globally distributed, partnership-driven network of FinTech forums. It will build on Elevandi’s five existing forums, including the flagship SFF, to expand into new geographies, integrate them into a single network, and facilitate greater cross-sectoral and cross-border exchange of insights and collaboration for more robust financial systems and more inclusive financial services.
GFTN Advisory will provide practitioner-led consultancy and capacity building services to authorities in developing countries to develop digital infrastructures, formulate policies to harness technology in financial services, and create robust innovation ecosystems. It will also offer private entities market insights to support programmes which drive positive social impact through innovation
GFTN Platforms will support a suite of digital platform services to help small enterprises and FinTech start-ups innovate and thrive. Platform services include enhancing market access, providing analytics and information services, and supporting sustainability reporting.
GFTN Capital will help catalyse equity investments into promising early-stage and growth-stage enterprises with the potential for positive social or environmental impact. It will have a global mandate, investing in FinTech and ClimateTech enterprises, providing them with patient capital and, more importantly, access to a global network of potential partners, buyers, and suppliers.
GFTN’s Board of Directors (BoD) will be guided by 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.
“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 Mr 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 Mr Mohanty.