Singapore Launches GFTN: A Four-Pronged Global Fintech Powerhouse

The Monetary Authority of Singapore (MAS) has unveiled an ambitious initiative to strengthen its position as a global fintech hub with the establishment of the Global Finance & Technology Network (GFTN), a new organization designed to foster worldwide collaboration in financial technology innovation.

The GFTN will operate through four strategic divisions: a global conference platform, an advisory services center, a digital solutions provider for businesses, and an investment fund focused on tech startups. This structure represents a significant expansion from its predecessor Elevandi, which primarily organized the Singapore FinTech Festival (SFF) – an event that has grown to attract 65,000 participants from 150 countries.

Leading this new venture is Ravi Menon, Singapore’s Ambassador for Climate Action and former MAS Managing Director, who has been appointed as Chairman of the Board. Supporting him as Deputy Chairmen are Leong Sing Chiong, Deputy Managing Director of MAS, and Neil Parekh, a Nominated Member of Parliament and Non-Executive Chairman at Tikehau Capital.

In a significant leadership transition, Sopnendu Mohanty, currently serving as MAS’ Chief FinTech Officer, will assume the role of GFTN’s Group Chief Executive Officer effective February 1, 2025. “GFTN is strategically positioned to address the evolving requirements of the global fintech ecosystem through the integration of forums, advisory services, digital platforms, and capital,” Mohanty stated.

The organization’s investment arm, GFTN Capital, will focus on providing patient capital to promising fintech and ClimateTech enterprises, while GFTN Advisory will offer expertise to developing nations in building digital infrastructure and innovation ecosystems. The platform services division will specifically target small and medium enterprises, providing them with tools for innovation and growth.

GFTN’s governance structure will include an International Advisory Board comprising globally recognized leaders, with full details of both the Board of Directors and Advisory Board to be announced at the upcoming Singapore FinTech Festival on November 6, 2024.

This initiative marks a new chapter in Singapore’s fintech journey, building upon its first phase of growth which focused on experimentation with regulatory sandboxes, cross-border payments, digital assets, and artificial intelligence adoption. As Menon emphasized, “GFTN will drive greater synergies within the global finance and technology communities for innovations that create both economic value and social impact.”