The Monetary Authority of Singapore (MAS) will establish the Global Finance & Technology Network (GFTN), replacing its current not-for-profit FinTech initiative, Elevandi.
The new entity is aimed at reinforcing Singapore’s standing as an international FinTech hub and deepening collaborative efforts within the financial technology sector globally.
MAS initially set up Elevandi to connect stakeholders in the FinTech space across Singapore and beyond, but the introduction of GFTN marks a step toward greater industry connectivity and innovation on a broader scale, it states.
This shift comes after an initial phase in which Singapore’s FinTech strategy focused on regulatory infrastructure, including measures like MAS’s regulatory sandbox for controlled FinTech experimentation, cross-border payment systems, digital asset projects, and artificial intelligence (AI) initiatives.
The Singapore FinTech Festival (SFF), now one of the world’s largest FinTech gatherings, also emerged during this period and has been central to Singapore’s FinTech growth.
As part of its mission, GFTN will work closely with MAS to foster collaboration within the industry and facilitate dialogue on key topics like payment technologies, digital asset tokenisation, and the integration of AI and quantum computing.
Additionally, GFTN will support MAS in promoting Singapore as a top FinTech destination and expanding the reach of the Singapore FinTech Festival as a globally recognised platform for technology and innovation in finance.
Ravi Menon, Singapore’s ambassador for climate action and former managing director of MAS, will serve as chairman of GFTN’s board of directors.
Further details about GFTN’s operations, strategic goals, and governance framework are expected in a future announcement from MAS.
Leadership for GFTN will include Sopnendu Mohanty, who will step down from his current role as MAS’s chief FinTech officer to become GFTN’s group chief executive officer starting Feb. 1, 2025. He will continue to advise MAS’s FinTech & Innovation Group.
Kenneth Gay, currently executive director of MAS’s enterprise knowledge department, has been named as Mohanty’s successor and will assume the role of chief FinTech officer on Feb. 1, 2025, after serving in a transitional role as chief FinTech officer (designate) starting Nov. 6, 2024. He brings over two decades of regulatory and technology experience at MAS, and he will also maintain his role in MAS’s knowledge management and AI capability development until early 2025.
MAS managing director Chia Der Jiun said the establishment of the new network marks a new phase in scaling up and enhancing the impact of FinTech strategies.
“MAS is grateful to Sopnendu for leading the FinTech & Innovation Group since its formation in 2015,” he said.
