The Financial Authority of Singapore (MAS) has introduced the launch of the International Finance & Know-how Community (GFTN).
The launch seeks to reinforce Singapore’s place as a worldwide fintech hub by fostering worldwide collaboration and driving innovation in monetary providers.
GFTN will substitute the not-for-profit Elevandi initiative, which organised and globalised the Singapore Fintech Pageant (SFF).
The brand new entity will increase on Elevandi’s mission with a deal with international connectivity and developments in funds, synthetic intelligence (AI), and asset tokenisation.
GFTN will function by way of 4 key areas. GFTN Boards will function a worldwide convention convenor devoted to finance and know-how, constructing on Elevandi’s 5 current boards, together with the flagship SFF, and increasing into extra geographies.
This method goals to create a community that encourages cross-sectoral and cross-border collaboration.
GFTN Advisory will act as a information middle, offering practitioner-led consultancy and assist for authorities in creating international locations, notably in creating insurance policies that use know-how to enhance monetary providers.
In the meantime, GFTN Platforms will ship digital providers for small and medium enterprises, together with market entry assist, analytics, and sustainability reporting.
Lastly, GFTN Capital will perform as an funding fund, offering capital to early-stage and growth-stage startups targeted on fintech and ClimateTech, and connecting them to a worldwide community of potential companions, patrons, and suppliers.
The GFTN management staff contains Ravi Menon, former MAS Managing Director and present Ambassador for Local weather Motion and Senior Advisor on the Nationwide Local weather Change Secretariat within the Prime Minister’s Workplace, who will function Chairman of the Board.
Sopnendu Mohanty, MAS’s present Chief Fintech Officer, will assume the function of Group CEO on 1 February 2025, whereas Kenneth Homosexual, MAS’s Government Director for Enterprise Data, will take over as Chief Fintech Officer.
Till 31 January 2025, Homosexual will proceed in his present place, overseeing MAS’s information, information administration, and AI growth efforts.
An Worldwide Advisory Board (IAB) will present steering to the GFTN Board of Administrators, composed of worldwide leaders dedicated to public curiosity.
Each the Board of Administrators and the IAB can be formally launched on the Singapore Fintech Pageant in November.
“GFTN will drive larger synergies inside the international finance and know-how communities for improvements in monetary providers that create constructive financial worth and social affect.
We goal to unlock sustainable and inclusive pathways that serve communities around the globe whereas strengthening Singapore’s international connectivity and function as a fintech hub”,
stated Menon.
“The worldwide monetary know-how (fintech) and innovation ecosystem has witnessed important development over the previous decade, with the MAS taking part in a pivotal function on this growth. This enlargement has established a strong basis for a reimagined international platform.
GFTN is aimed toward addressing the evolving necessities of the worldwide FinTech ecosystem, and is strategically positioned to grasp our mission by way of the mixing of convening boards, advisory, digital platforms, and capital,”
shared Mohanty.
Featured picture: (From Left to Proper) Neil Parekh, Nominated Member of Parliament, Singapore and Non-Government Chairman (until not too long ago Associate and Head of Asia & Australia) at Tikehau Capital and
Deputy Chairman of GFTN; Ravi Menon, Singapore’s Ambassador for Local weather Motion and Senior Adviser (Nationwide Local weather Change Secretariat) on the Prime Minister’s Workplace and Chairman of the Board of Administrators of GFTN; #Sopnendu Mohanty, Chief Fintech Officer on the MAS and Group Chief Government Officer-Designate of GFTN; Leong Sing Chiong, Deputy Managing Director of MAS and Deputy Chairman of GFTN.