The Monetary Authority of Singapore (MAS) has announced the establishment of the Global Finance &Technology Network (GFTN) to strengthen Singapore as a global FinTech hub and enhance global connectivity for impactful innovation in financial services.
Global Finance & Technology Network (GFTN)
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’s efforts to develop and grow a vibrant FinTech ecosystem, and scale the Singapore FinTech Festival (SFF) as the premier global FinTech event.
Mr 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.
Mr Sopnendu Mohanty will be appointed Group CEO of GFTN from 1 February 2025 and relinquish his role as MAS’s chief FinTech officer on the same day. Mr Mohanty will continue to support MAS’s FinTech efforts as advisor to MAS’s FinTech & Innovation Group.
Mr Kenneth Gay will be appointed MAS’s chief FinTech officer (designate) from 6 November 2024 until 31 January 2025 and assume the role of chief FinTech officer on 1 February 2025. Mr 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 31 January 2025.
The first phase of FinTech growth in Singapore was driven by experimentation, as well as the 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’s goal to develop Singapore as a Smart Financial Centre. A key highlight has been the growth of the SFF which has become the largest platform for the global FinTech community to collaborate on catalysing technology and innovation in finance.
https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/89912/Type/eDaily/Singapore-MAS-establishes-Global-Finance-Technology-Network-to-propel-FinTech-growth