On 30 October 2024, the Monetary Authority of Singapore (“MAS“) announced the launch of the Global Finance & Technology Network (“GFTN“) to reinforce Singapore’s position as a leading global FinTech hub and boost international connectivity for impactful financial services innovation. GFTN will take over the role of Elevandi, previously established by MAS to connect people, businesses, ideas, and insights in Singapore’s and the global FinTech sector.
By way of background, the initial phase of Singapore’s FinTech growth was fuelled by experimentation and the promotion of initiatives aimed at leveraging technology and innovation within the financial sector. This included creating a regulatory sandbox, establishing cross-border payment links, piloting digital assets and tokenisation, and fostering Artificial Intelligence (“AI“) adoption, in line with MAS’ vision of developing Singapore as a Smart Financial Centre.
To further advance industry collaboration and increase connectivity for impactful financial services innovation, GFTN will be established. The aims of GFTN are to:
- accelerate the growth of Singapore’s FinTech ecosystem, fostering stronger synergies and networks with the global FinTech community;
- (in partnership with MAS) lead industry and policy discussions in areas such as payments, asset tokenisation, and AI/quantum; and
- support MAS’s efforts to cultivate a vibrant FinTech ecosystem.
Mr Ravi Menon, Singapore’s Ambassador for Climate Action, Senior Advisor at the National Climate Change Secretariat, and former MAS Managing Director (2011–2023), will be appointed as Chairman of the GFTN Board of Directors. Additional information regarding GFTN’s functions, strategies, and governance will be announced separately by GFTN.
For more information, please click the following link:
- MAS Media Release titled “MAS Announces Establishment of Global Finance & Technology Network for Next Phase of FinTech Growth” (available on the MAS website at www.mas.gov.sg)