The Monetary Authority of Singapore is establishing a Global Finance & Technology Network to harness technology and foster innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems. Former MAS-Managing Director Ravi Menon chairs this new initiative.

The Global Finance & Technology Network (GFTN) will aim to enhance global connectivity for impactful innovation in financial services internationally and strengthen Singapore's position as a global fintech hub, the representatives of the Monetary Authority of Singapore (MAS) said at a media conference on Wednesday in Singapore. 

GFTN will build on the track record of Elevandi, a not-for-profit company set up by MAS in 2021 to organize and globalize the Singapore Fintech Festival (SFF), which has grown to become the largest event of its kind in the world attracting some 65,000 participants from 150 countries. GFTN is a not-for-profit organization. GFTN will replace the present Elevandi.

GFTN will have four strategic businesses:

  • GFTN Forums – a global conference convenor dedicated to finance and technology.
  • GFTN Advisory – a knowledge center 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.

Ravi Menon has been appointed Chairman of the Board of Directors of GFTN. He is also Singapore's Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister’s Office. «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,» Menon underlined.

Leong Sing Chiong, Deputy Managing Director of MAS, and 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.

Sopnendu Mohanty, currently Chief Fintech Officer at the MAS, will be appointed Group Chief Executive Officer of GFTN, as of 1 February 2025 when he will relinquish his role in MAS.

«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 positioned to realize our mission through the integration of convening forums, advisory, digital platforms, and capital», Mohanty said.

Support by an International Advisory Board

GFTN’s Board of Directors (BoD) will be guided by an International Advisory Board (IAB) comprising distinguished, globally recognized 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.

More to follow.