Singapore bolsters fintech hub with Global Finance Technology Network

The Monetary Authority of Singapore (MAS) has established the Global Finance and Technology Network (GFTN) as part of its ongoing effort to position Singapore as a global hub for fintech innovation.

On Sept. 30, Singapore’s central bank and financial regulatory authority, MAS, announced the launch of the GFTN for its second phase of fintech growth initiative. The GFTN will replace Elevandi, a nonprofit entity set up by the MAS to connect people and businesses, as well as ideas and insights in the fintech sector in Singapore and globally.

Source: The Monetary Authority of Singapore

Singapore continues to build on existing innovations

During the first phase, Singapore experimented with new technologies and promoted several initiatives to strengthen fintech innovation:

“These included developing a regulatory sandbox framework, establishing cross-border payments linkages, piloting digital assets and tokenization, and promoting artificial intelligence adoption as part of MAS’ goal to develop Singapore as a Smart Financial Centre.”

According to MAS, the GFTN will be tasked with building on existing progress by advancing “industry and policy dialogues in payments, asset tokenization, and AI or quantum.”

MAS representatives to lead GFTN

The GFTN initiative will be led by two current MAS delegations: Ravi Menon, Singapore’s ambassador for climate action and senior adviser at the National Climate Change Secretariat, as well as the former managing director of MAS, and Sopnendu Mohanty, MAS’ chief fintech officer.

According to Chia Der Jiun, managing director of MAS, Menon and Mohanty “have been instrumental in the growth of Singapore’s fintech ecosystem.”

Related: BIS project demonstrates automated cross-border transaction compliance

On Oct. 29, the MAS granted in-principle approval to crypto exchange Gemini for a Major Payment Institution license.

The final approval will allow Gemini to provide digital payment tokens and cross-border money transfer services in Singapore. 

Saad Ahmed, the head of Gemini’s Asia-Pacific arm, said:

“While the United States remains our largest market and global headquarters, Asia and Singapore, in particular, play a crucial role in our global strategy.” 

The executive also revealed Gemini’s plan to hire more talent in Singapore. “We are also in the middle of our move to a larger office space to accommodate Gemini’s growing local team, a testament to our long-term commitment to Singapore,” Ahmed added.

Gemini crypto exchange receives preliminary approval in Singapore