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Singapore's central bank has established the Global Finance & Technology Network (GFTN), a new organisation aimed at fostering global fintech collaboration and innovation, with former Monetary Authority of Singapore (MAS) chief Ravi Menon appointed as chairman.
The initiative builds on Singapore's growing influence in global fintech, particularly through the Singapore FinTech Festival, which now attracts 65,000 participants from 150 countries. The GFTN will operate as a not-for-profit organisation with four distinct business units covering forums, advisory services, digital platforms, and investment in technology start-ups.
Mr Menon, who also serves as Singapore's Ambassador for Climate Action, will be supported by two deputy chairmen: MAS Deputy Managing Director Leong Sing Chiong and Neil Parekh, a Nominated Member of Parliament and former Tikehau Capital executive.
Current MAS Chief FinTech Officer Sopnendu Mohanty will step down from his role to become Group Chief Executive Officer of GFTN, effective 1 February 2025.
Mr Ravi Menon GFTN Chairman said: "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."
Mr Sopnendu Mohanty, GFTN's future Group Chief Executive Officer added: "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."
The organisation's leadership will be guided by an International Advisory Board comprising global industry leaders, with details to be announced at the Singapore FinTech Festival on 6 November 2024.
