SINGAPORE:

In a bold move to fortify its status as a leading fintech hub, the Monetary Authority of Singapore (MAS) has officially launched the Global Finance and Technology Network (GFTN). This innovative initiative is designed to bolster Singapore’s connections with fintech markets around the world, offering a platform for collaboration and growth.

The GFTN aims to "harness technology and foster innovation through global partnerships," ensuring Singapore remains at the forefront of the evolving fintech landscape. The former MAS managing director, Ravi Menon, will take the helm as the chairman of the GFTN board of directors. Menon, who also serves as Singapore's Ambassador for Climate Action, emphasized that both sustainability and innovation are central to his vision.

GFTN replaces the previous non-profit organization, Elevandi, established by MAS to facilitate fintech dialogues globally. Elevandi notably hosted conferences across several nations, including Japan, Switzerland, and Ghana. Menon provided insight into the transition, stating that Elevandi's assets and personnel will be integrated into GFTN, where their initiatives will be significantly scaled up.

Key functions of GFTN will include organizing forums, offering advisory services, forming partnerships with digital platforms, and investing in tech startups that demonstrate the potential for positive social or environmental impact. Menon remarked that GFTN will provide these emerging companies not only with patient capital but also a vast network of international partners, buyers, and suppliers.

"We’ve had an overwhelming response for forums, with more invitations than we can accommodate," Menon explained, "and our advisory services have been informally structured until now." GFTN aims to grow from its current 40 staff members significantly as it establishes its global presence.

Focus on Global Innovation

Menon also highlighted GFTN's commitment to tapping into innovative potential in regions often overlooked by major fintech developments. He pointed out that significant advancements are emerging not only in traditional hubs like London and Silicon Valley but also in cities such as Nairobi, Jakarta, and São Paulo. There’s immense promise in Sub-Saharan Africa, Latin America, and the Middle East, he stressed.

"If we neglect to address gaps in talent, infrastructure, capital, and policy, we risk sidelining entire populations," he warned.

Preserving its non-profit framework,

GFTN aims for financial self-sufficiency within three to five years. Initial funding will be supported by MAS grants, allowing GFTN to maintain its effectiveness without the pressure of commercial transactions.

Transforming Singapore into a Global Fintech Hub

Looking ahead, Menon envisions Singapore evolving into a central hub for both technology and finance, stating, "All roads will lead to Singapore." He illustrated the emerging network of connections that Singaporean startups have developed with African partners, emphasizing the powerful, intangible benefits of engagement across continents.

With the potential to revolutionize Singapore's economy and create countless jobs, GFTN represents an exciting step forward in not just the local fintech sector but in the global financial landscape. As Menon concluded, "Singapore is all about connectivity. Our role is to connect with others, and as we do so, the benefits will flow back to us."

Stay tuned for further updates on this groundbreaking initiative!