Singapore establishes global fintech network
The Monetary Authority of Singapore (MAS) on Wednesday announced that it has established a “Global Finance & Technology Network” (GFTN) to propel Singapore’s reputation as a premier global fintech hub into its next phase and enhance global connectivity.
Former MAS managing director Ravi Menon at the launch of Singapore's global fintech network on October 30, 2024. Photo courtesy of Global Finance and Technology Network.
According to MAS, GFTN replaces Elevandi, a non-profit entity that it set up just over three years ago to foster fintech dialogue.
GFTN will have four separate businesses to grow and want to expand their global footprint.
Besides organizing forums, GFTN will offer advisory services, partnerships with digital platforms and investments into technology start-ups with the potential for positive social or environmental impact.
Former MAS managing director Ravi Menon will be chairman of the GFTN’s board of directors.
Menon said GTFN will support Singapore in becoming a major hub for providing technological and financial solutions. Having GTFN headquarters in Singapore will benefit the fintech ecosystem and the country's economy.
Leong Sing Chiong, deputy chairman of GFTN and deputy managing director for markets and development at MAS, said the central bank will provide GFTN with some grant funding to get it off the ground.
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