The Monetary Authority of Singapore (MAS) announced Wednesday the establishment of the Global Finance &Technology Network (GFTN) to further strengthen Singapore as a global FinTech hub and enhance global connectivity for impactful innovation in financial services.
The first phase of FinTech growth in Singapore was driven by experimentation, as well as promotion of key initiatives to harness technology and innovation in the financial sector.
These included developing a regulatory sandbox framework, establishing cross-border payments linkages, piloting digital assets and tokenisation, and promoting Artificial Intelligence (AI) adoption as part of MAS’ goal to develop Singapore as a Smart Financial Center, MAS said in a statement.
A key highlight has been the growth of the Singapore FinTech Festival (SFF), which has become the largest platform for the global FinTech community to collaborate on catalysing technology and innovation in finance.
To further build on industry collaboration and enhance connectivity for impactful innovation in financial services, GFTN will be established to catalyse the growth of the Singapore FinTech ecosystem and drive greater synergies and networks with the global FinTech community.
GFTN will work with MAS to advance industry and policy dialogues in payments, asset tokenisation, and AI/quantum.
GFTN will also support MAS’ efforts to develop and grow a vibrant FinTech ecosystem, and scale SFF as the premier global FinTech event.
Ravi Menon, Singapore’s Ambassador for Climate Action and Senior Advisor at the National Climate Change Secretariat, and former Managing Director of MAS (2011-2023), will be appointed as Chairman of the GFTN Board of Directors. Details of GFTN’s functions, strategies, and governance will be announced separately by GFTN.
Sopnendu Mohanty will be appointed Group Chief Executive Officer of GFTN from Feb 1, 2025 and relinquish his role as MAS’ Chief FinTech Officer on the same day. Mohanty will continue to support MAS’ FinTech efforts as Advisor to MAS’ FinTech & Innovation Group.
Kenneth Gay will be appointed MAS’ Chief FinTech Officer (Designate) from Nov 6, 2024 until Jan 31, 2025 and assume the role of Chief FinTech Officer on Feb 1, 2025.
Gay has been with MAS for over 20 years serving in regulatory and technology roles, and is currently Executive Director heading the Enterprise Knowledge Department, driving data and knowledge management as well as AI capability development, a role which he will concurrently hold until Jan 31, 2025.
Chia Der Jiun, Managing Director of MAS, said, “The establishment of GFTN, with Ravi as the Chairman of GFTN’s Board, marks a new phase in scaling up and enhancing the impact of our FinTech strategies. MAS is grateful to Sopnendu for leading the FinTech & Innovation Group since its formation in 2015. Ravi and Sopnendu have been instrumental in the growth of Singapore’s FinTech ecosystem. I wish Sopnendu every success in his new role and look forward to Kenneth driving MAS’ FinTech initiatives in payments innovation, asset tokenisation, AI and quantum applications.”
Featured photo credits: MAS
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