Singapore Launches Global Finance & Technology Network
The Monetary Authority of Singapore (MAS) has launched the Global Finance & Technology Network (GFTN) aimed at enhancing partnerships worldwide to innovate and improve financial ecosystems. This strategic move intends to leverage technology to build more efficient, resilient, and inclusive financial services globally.
Leadership at GFTN
Ravi Menon, who will be the Chairman of the Board for the new network, is also known for his role as Singapore's Ambassador for Climate Action. He has a rich background in overseeing the development of key financial infrastructures in Singapore.
Deputy Leadership Team
Joining him are Leong Sing Chiong, the Deputy Managing Director at MAS, and Neil Parekh, who brings extensive experience from his tenure as Partner and Head of Asia & Australia at another notable firm. Their leadership ensures strong governance as GFTN sets its sights on becoming a powerhouse in the global FinTech landscape.
A Focus on Global Connectivity
GFTN aims to connect financial service innovators across borders, reinforcing Singapore's reputation as a leading FinTech hub. Building on the successful initiative of Elevandi—a non-profit started by MAS in 2021 which hosts the world-renowned Singapore FinTech Festival—GFTN looks to grow this momentum, attracting participants from various countries.
Strategic Business Divisions
To achieve its objectives, the Global Finance & Technology Network will operate four key business areas: GFTN Forums, which will gather industry leaders; GFTN Advisory, a centre focused on policy innovation; GFTN Platforms, a digital service offering especially tailored for SMEs; and GFTN Capital, an investment fund targeting technology startups with social impact.
International Advisory Board to Guide GFTN
GFTN's operation will be bolstered by an International Advisory Board (IAB), comprised of globally recognized leaders who have demonstrated a commitment to public interests. Their insights will guide GFTN as it collaborates with diverse stakeholders to bring innovative financial solutions.
Vision for Positive Economic Impact
As Mr. Menon aptly stated, GFTN's mission revolves around creating innovations in financial services that contribute positively to both economic value and social change. This reflects a broader understanding of the role that FinTech can play in addressing real-world issues faced by communities worldwide.
About the Global Finance & Technology Network
The Global Finance & Technology Network, established by the Monetary Authority of Singapore in 2024, aims to foster technology-led innovations for resilient financial ecosystems through collaborative global partnerships. By convening forums, offering advisory services, and investing in promising startups, GFTN stands positioned to significantly influence the future of finance.
Frequently Asked Questions
What is the Global Finance & Technology Network?
The GFTN is a newly established organization by the Monetary Authority of Singapore aimed at fostering innovation and collaboration in the financial services sector.
Who is leading the GFTN?
Ravi Menon has been appointed as the Chairman of the Board, with a diverse leadership team including experienced individuals from the finance sector.
What are the main objectives of GFTN?
GFTN seeks to enhance global connectivity for financial innovation while strengthening Singapore's role as a FinTech hub.
What business areas will GFTN cover?
GFTN will focus on forums, advisory services, digital platforms for SMEs, and an investment fund for tech startups.
How does GFTN aim to create social impact?
By integrating technology and innovation, GFTN advises on policies and invests in startups that have the potential for both growth and positive societal change.
