THE Monetary Authority of Singapore (MAS) has established the Global Finance & Technology Network (GFTN) with its board to be chaired the central bank’s former managing director, Ravi Menon.
GFTN will replace Elevandi, a not-for-profit entity previously set up by MAS to foster dialogue between people and businesses in the financial technology (fintech) sector.
On Wednesday (Oct 30), MAS said it established the network to “further strengthen Singapore as a global fintech hub and enhance global connectivity for impactful innovation in financial services”.
Seen to catalyse the growth of Singapore’s fintech ecosystem and drive greater synergies and networks with the global fintech community, GFTN will also support MAS’ efforts to scale the Singapore Fintech Festival.
Menon, Singapore’s ambassador for climate action and Senior Advisor at the National Climate Change Secretariat, was appointed as GFTN’s board chairman.
He previously served as MAS’ managing director from 2011 to 2023.
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From Feb 1, 2025, Sopnendu Mohanty will relinquish his role as MAS’ chief fintech officer (CFO) and take on the role as group chief executive of GFTN.
Kenneth Gay – who has been with MAS for over 20 years and is currently heading the enterprise knowledge department as an executive director – will be appointed MAS’ CFO designate from Nov 6, 2024, until Jan 31, 2025. He will officially assume the role on Feb 1, 2025.
“The establishment of GFTN, with Ravi as the chairman of GFTN’s board, marks a new phase in scaling up and enhancing the impact of our fintech strategies,” said MAS managing director Chia Der Jiun.
“I wish Sopnendu every success in his new role and look forward to Kenneth driving MAS’ fintech initiatives in payments innovation, asset tokenisation, AI and quantum application.”
Details of the network’s functions, strategies and governance will be announced separately by GFTN.