Ravi Menon

The Monetary Authority of Singapore ( MAS ) has announced the formation of the Global Finance & Technology Network ( GFTN ), aimed at propelling the country’s financial technology ecosystem into a new phase of collaborative growth and innovation.

This initiative seeks to strengthen Singapore’s position as a global fintech leader, focusing on cross-border industry cooperation while advancing technological advancements in financial services.

Former MAS managing director and current ambassador for climate action Ravi Menon will lead the new entity as chairman of the board of directors. His expertise is expected to bring valuable guidance to the network’s strategy and governance.

According to MAS, the GFTN will play a pivotal role in expanding connectivity between Singapore and international fintech organizations, creating an ecosystem to foster impactful innovations in financial services.

GFTN will have four strategic businesses:  

• GFTN Forums – a global conference convenor dedicated to finance and technology; 
• GFTN Advisory - a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems;  
• GFTN Platforms – a digital platform service provider for businesses, especially small and medium enterprises; and 
• GFTN Capital – an investment fund for technology start-ups that have the potential for sustained growth and positive social impact.  

By working closely with the MAS, the network will prioritize developments in key areas such as payments, asset tokenization, and the adoption of artificial intelligence ( AI ) and quantum technology.

These initiatives, the MAS believes, will deepen industry dialogue and policy alignment, ensuring that fintech innovations serve global needs while contributing to the “Smart Financial Centre” vision set forth by MAS.

Sopnendu Mohanty, the current MAS chief fintech officer, will transition to group chief executive officer of GFTN starting February 2025, ensuring continuity in MAS’s  fintech strategy with Kenneth Gay stepping into the role of chief fintech officer.

The MAS says the revised leadership structure reflects its commitment to steering fintech innovation through experienced governance and fostering global partnerships for enduring impact.