SINGAPORE – The Monetary Authority of Singapore (MAS) has set up a new not-for-profit firm focusing on fintech as it moves to expand its network globally.
The new company called the Global Finance & Technology Network (GFTN) has four business lines – to organise fintech conferences, provide advisory and research services, provide digital platform services to small- and medium-sized enterprises, and grow an investment fund for technology start-ups.
MAS’ not-for-profit entity Elevandi, which was set up in 2021 to advance fintech in the global digital economy, will be folded into the new firm.
GFTN’s chairman Ravi Menon, who is the former chief of MAS, described the new not-for-profit firm as “Elevandi on steriods”.
“Elevandi just used to do the forums business. Now we have four distinct businesses that we want to grow. We want to expand, multiply our global footprint,” he said.
Mr Menon, who is now Singapore’s ambassador for climate action and senior adviser to the national climate change secretariat at the Prime Minister’s Office, added that GFTN will strive to be self-sustaining like Elevandi was.
He said he expects GFTN to break even in three to five years’ time.
But before GFTN can sustain itself, MAS will provide seed funding of an amount undisclosed.
The first order of business for the team is for the board to spend the next few months refining strategies and setting goals for each year in the next five years.
As for the investment fund business, it will be a subsidiary of the new company. The funds will come from limited partners or third-party sources GFTN attracts around the world. This subsidiary will apply for a licence from MAS.
Mr Menon said that he is chairing GFTN because of “my interest in technology continues. It’s simply because of what