Singapore launches GFTN to strengthen fintech hub status

Sopnendu Mohanty will leave MAS in 2025 to become group CEO of GFTN

Singapore’s central bank has established the Global Finance & Technology Network (GFTN), which aims to harness technology, foster innovation, and embark in partnerships globally to improve financial ecosystems.

GFTN will expand on current forums such as the Singapore Fintech Festival; provide consultancy services; and will launch a platform and an investment fund to support fintech growth.

GFTN also seeks to strengthen Singapore's position as a global fintech hub.

Sopnendu Mohanty, currently chief fintech Officer at the Monetary Authority of Singapore (MAS), will be appointed group chief executive officer of GFTN, effective 1 November 2025. He will relinquish his role in MAS by then.

Ravi Menon has been appointed chairman of the board of directors of GFTN. Menon is also Singapore's Ambassador for Climate Action and senior adviser (National Climate Change Secretariat) at the Prime Minister’s Office.  

Leong Sing Chiong, deputy managing director of MAS; and Neil Parekh, nominated member of Parliament, Singapore & non-executive chairmanat Tikehau Capital, have been named as deputy chairmen.

GFTN will have four strategic businesses: GFTN Forums, a global conference convener dedicated to finance and technology; GFTN Advisory, a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems.  

It will also launch GFTN Platforms, a digital platform service provider for businesses, especially small and medium enterprises; and GFTN Capital, an investment fund for technology start-ups that have the potential for sustained growth and positive social impact.

GFTN is expected to build on the work of Elevandi, a not-for-profit company set up by MAS in 2021, to organise and globalise the Singapore FinTech Festival (SFF).  

GFTN Forums in particular will build on Elevandi’s five existing forums, including the flagship SFF.

GFTN Advisory will provide practitioner-led consultancy and capacity building services to authorities in developing countries to develop digital infrastructures and formulate policies in the financial services sector.

GFTN Platforms will support a suite of digital platform services to help small enterprises and FinTech start-ups innovate and thrive.

GFTN Capital will help catalyse equity investments into promising early-stage and growth-stage enterprises with the potential for positive social or environmental impact.

GFTN’s Board of Directors (BoD) will be guided by an International Advisory Board (IAB). Details of the BoD and IAB will be announced at the SFF on 6 November 2024.