MAS Launches Global FinTech Network with Ravi Menon as Chairman

SINGAPORE, October 30, 2024 – The Monetary Authority of Singapore (MAS) has unveiled the Global Finance & Technology Network (GFTN), a new initiative designed to promote collaboration in financial technology across borders. The GFTN aims to harness technological innovation to create more resilient, inclusive financial ecosystems through partnerships that span global markets.

The network’s leadership includes prominent figures in finance and technology. Ravi Menon, Singapore’s Ambassador for Climate Action and Senior Adviser at the National Climate Change Secretariat in the Prime Minister’s Office, has been named Chairman of GFTN’s Board of Directors. Mr Leong Sing Chiong, Deputy Managing Director of MAS, and Neil Parekh, a Nominated Member of Singapore’s Parliament and until recently, Non-Executive Chairman at Tikehau Capital, will serve as Deputy Chairmen.

Sopnendu Mohanty, MAS’s Chief FinTech Officer, will transition to become GFTN’s Group Chief Executive Officer, effective 1 February 2025, stepping down from his current MAS role.

(From Left to Right) Mr Neil Parekh, Nominated Member of Parliament, Singapore and Non-Executive Chairman (till recently Partner and Head of Asia & Australia) at Tikehau Capital and Deputy Chairman of GFTN; Mr Ravi Menon, Singapore’s Ambassador for Climate Action and Senior Adviser (National Climate Change Secretariat) at the Prime Minister’s Office and Chairman of the Board of Directors of GFTN; Mr Sopnendu Mohanty, Chief FinTech Officer at the MAS and Group Chief Executive Officer-Designate of GFTN; Mr Leong Sing Chiong, Deputy Managing Director of MAS and Deputy Chairman of GFTN.

GFTN is structured to strengthen Singapore’s position as a global FinTech hub while fostering innovation in financial services globally. Building on the success of Elevandi, MAS’s not-for-profit established in 2021 to scale the Singapore FinTech Festival, GFTN is expected to expand international engagement, with events drawing 65,000 participants from over 150 countries.

The network will operate through four core arms:

GFTN Forums – This unit will host global finance and technology conferences, expanding upon Elevandi’s existing international forums, including the Singapore FinTech Festival, and extending these gatherings to additional geographies. The goal is to integrate these events into a comprehensive network that encourages cross-border and cross-sector collaboration.

GFTN Advisory – This consultancy and research division will provide guidance on innovation policies and digital infrastructure development, particularly for authorities in emerging markets. Advisory services aim to support both government and private sectors in advancing impactful, innovation-driven policies.

GFTN Platforms – Targeted at small businesses and FinTech start-ups, GFTN Platforms will deliver digital services to enhance market access and analytics. It also aims to support sustainability reporting, addressing a growing demand for transparency in financial and environmental impact.

GFTN Capital – The investment arm, GFTN Capital, will focus on early- and growth-stage enterprises in FinTech and ClimateTech sectors. GFTN Capital aims to facilitate equity investments in promising ventures that contribute to positive social and environmental outcomes.

The Board of Directors will be advised by an International Advisory Board comprising global leaders known for their public interest commitments. Details of the Board’s members will be disclosed at the Singapore FinTech Festival on 6 November 2024.

“GFTN is positioned to drive impactful synergies within the global finance and technology sectors,” said Chairman Ravi Menon. “Our goal is to unlock sustainable pathways that serve communities worldwide while reinforcing Singapore’s status as a global FinTech hub.”

Sopnendu Mohanty highlighted MAS’s decade-long role in fostering the FinTech ecosystem. “GFTN will meet the evolving needs of the global FinTech landscape through our forums, advisory services, platforms, and capital,” he remarked, envisioning the network as a next-generation platform for fostering innovation and social impact in financial services.

The GFTN’s multi-faceted approach aims to set a foundation for a more connected and resilient global financial ecosystem that extends financial and technological advancements to diverse regions around the world.