In a major step to further solidify Singapore’s position as a global leader in financial technology, the Monetary Authority of Singapore (MAS) established the Global Finance & Technology Network (GFTN). With an emphasis on payments, asset tokenization, artificial intelligence, and quantum computing, this represents the second stage of Singapore’s all-encompassing strategy to promote innovation in financial services.
The GFTN intends to expand upon the framework established by MAS, taking the place of the nonprofit Elevandi, which previously linked professionals and insights within the sector. With the use of this new network, MAS will intensify its efforts to promote important industry and policy dialogues, particularly in relation to topics like asset tokenization, digital payments, and emerging technologies like artificial intelligence and quantum applications.
Important players in Singapore’s FinTech scene, such as Sopnendu Mohanty, chief FinTech officer at MAS, and Ravi Menon, Singapore’s ambassador for climate action and senior adviser at the National Climate Change Secretariat, will serve as the GFTN’s mentors. These executives have played a key role in Singapore’s FinTech development, and it is anticipated that their ongoing participation will hasten Singapore’s rise to prominence as a global center for financial technology.
This endeavor also comes at the same time as MAS recently decided to give the cryptocurrency exchange Gemini in-principle approval, enabling it to provide cross-border transfer services and digital payment tokens in Singapore. This illustrates MAS’s continued dedication to developing a vibrant regulatory framework for FinTech businesses, drawing in top talent from around the world, and boosting Singapore’s standing as a top location for financial innovation.
The GFTN will be a key component of Singapore’s plan to establish new benchmarks in the fusion of technology and finance as MAS expands the Singapore FinTech Festival (SFF).
