The Monetary Authority of Singapore (MAS) has announced the establishment of the Global Finance & Technology Network (GFTN) to promote innovation in financial ecosystems through global partnerships. Ravi Menon has been appointed as Chairman of the Board of Directors, with Leong Sing Chiong and Neil Parekh serving as Deputy Chairmen. Sopnendu Mohanty will be appointed as Group CEO of GFTN, starting in February 2025.
GFTN aims to enhance global connectivity for impactful innovation in financial services and strengthen Singapore’s position as a global FinTech hub. It will consist of four strategic businesses: GFTN Forums, GFTN Advisory, GFTN Platforms, and GFTN Capital. The Board of Directors will be guided by an International Advisory Board, with details to be announced at the Singapore FinTech Festival in November 2024.
The goal of GFTN is to drive synergies within the global finance and technology communities to create innovations that have positive economic and social impacts. The organization plans to unlock sustainable and inclusive pathways to serve communities globally while reinforcing Singapore’s role as a FinTech hub.
Established by MAS in 2024, GFTN is a not-for-profit organization that convenes forums, offers advisory services, provides access to digital platforms, and invests in technology startups with growth potential and positive social impact through its venture fund. The organization aims to address the evolving needs of the global FinTech ecosystem and promote innovation in financial services worldwide.
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