The Monetary Authority of Singapore has established The Global Finance & Technology Network (GFTN), a not-for-profit organization designed to leverage technology, stimulate startups, and promote innovation within the fintech ecosystem.
GFTN will focus on four strategic areas: organizing forums, providing advisory services, serving as a digital platform for businesses, and investing in technology startups through its venture fund. This initiative builds upon the success of Elevandi, a non-profit established by MAS in 2021 to organize and globalize the Singapore Fintech Festival, which has become the largest fintech event globally, attracting around 65,000 participants from 150 countries.
Sopnendu Mohanty, who currently serves as the chief fintech officer at MAS, will take on the role of group chief executive officer of GFTN starting February 1, 2025, at which point he will step down from his position at the central bank.
The new network will adopt a global perspective in its advisory and technology delivery approaches, expanding into new markets beyond Singapore. Its venture investment arm, GFT Capital, will also operate on a global scale, investing in fintech and ClimateTech companies around the world, offering them patient capital and access to a vast network of potential partners, buyers, and suppliers.
Chairman Ravi Menon states, “GFTN will foster greater synergies within the global finance and technology communities to drive innovations in financial services that deliver positive economic value and social impact. Our goal is to create sustainable and inclusive pathways that benefit communities worldwide while enhancing Singapore’s role as a global fintech hub.”