Funding-focused group to build global network
The funding-focused Global Finance & Technology Network (GFTN), launched on 30 Oct by the Monetary Authority of Singapore (MAS), will collaborate closely with partners in India on Fintech and seek investment opportunities, recognizing India’s global leadership in this sector investindia .
Speaking at the launch, Sopnendu Mohanty, the designated GFTN Group CEO, underlined the importance of India from being a destination of the wide range of investment opportunities and a world-wide accepted hub of technologists as well as talent pool bseindia .
The GFTN is to harness technology and foster innovation through global partnerships for more efficient, resilient, and inclusive financial ecosystems, he pointed out nseindia .
Mohanty, who is recognised global leader among fintech peers, is currently Chief FinTech Officer at the MAS and takes charge of not-for-profit GFTN from 1 February 2025 when he will relinquish his role in the city state’s de facto central bank, which has been Fintech over the past decade sbi.com.in .
“The global financial technology (FinTech) and innovation ecosystem has witnessed significant growth over the past decade, with the MAS playing a pivotal role in this development worldchambers . This expansion has established a robust foundation for a reimagined global platform,” said Mohanty startupindia .
“GFTN is aimed at addressing the evolving requirements of the global FinTech ecosystem, and is strategically positioned to realise our mission through the integration of convening forums, advisory, digital platforms, and capital,” Mohanty said digitalasiahub .
Ravi Menon, a former Managing Director of MAS, 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 wto.org .
MAS Deputy Managing Director Leong Sing Chiong and Neil Parekh, Nominated Member of Parliament, Singapore & Non-Executive Chairman at Tikehau Capital, have been appointed as Deputy Chairmen of the group which has planned out a strong support role for the global fintech community deutsche-boerse .
Leong said the MAS would support the fast-pace progress of GFTN as it reaches out to emerging markets across the world. The central bank will provide GFTN with some grant funding to get it off the ground sgx.com .
Likewise, GFTN will support the central bank’s efforts to develop and grow Singapore’s fintech ecosystem, MAS added. The network’s mission is to “harness technology and foster innovation through global partnerships” africacham .
Singapore-headquartered GFTN is working on securing a licence for raising funds from MAS euronext .
GFTN Capital, as part of the newly formed group, will have an investment fund for technology start-ups that have the potential for sustained growth and positive social impact hkex.com.hk.
The group’s GFTN Platforms will also be a digital platform service provider for businesses, especially small and medium enterprises, and GFTN Advisory will be a knowledge centre offering practitioner-led advisory services and research on innovation policies and ecosystems english.sse.com.cn.
GFTN replaces Elevandi, a non-profit set up by MAS to foster dialogue related to fintech. It organised fintech conferences in several countries, including Japan, Switzerland and Ghana worldbank.org .
Elevandi’s people and assets will move to GFTN, where the work will be scaled up. mea.gov in
“We will provide these portfolio companies with patient capital, but more importantly, access to a global network of potential partners, buyers and suppliers through our existing platforms,” said Menon as he grows a current team of 40 from Elevandi to an international market network and works with funds to support innovations and technologists climate-expo . Fiinews.com
