Singapore has taken a significant step toward bolstering its role in global financial innovation with the launch of the Global Finance and Technology Network (GFTN). This project is part of the second phase of the fintech growth strategy initiated by the Monetary Authority of Singapore (MAS).

A New Initiative by MAS

On October 30, the GFTN announced it will now represent Elevandi, a nonprofit organization established by MAS to connect individuals, businesses, and ideas across the fintech landscape both locally and globally.

Leadership and Goals of GFTN

The GFTN aims to advance payments, asset tokenization, artificial intelligence, and quantum computing. The initiative will be led by Ravi Menon, Singapore’s climate ambassador and former MAS managing director, and Sopnendu Mohanty, MAS’s chief fintech officer. Their contributions to Singapore’s fintech ecosystem were highlighted by MAS Managing Director Chia Der Jiun.

Recent MAS Decisions

On October 29, MAS granted in-principle approval for crypto exchange Gemini to operate as a Major Payment Institution. This approval allows the company to provide digital payment tokens and cross-border money transfer services once final authorization is secured. Additional guidelines for the protection of customer interests in digital payment token services were also issued.

Singapore continues to cement its position as a leading hub for fintech innovation with the GFTN and other initiatives. Through new regulatory measures and strategic partnerships, the country is developing a sustainable ecosystem for technological and financial growth.