SINGAPORE: The Monetary Authority of Singapore (MAS) has set up a global network to strengthen Singapore’s position as a fintech hub and improve connections with other countries.
The Global Finance and Technology Network (GFTN) will support the central bank’s efforts to develop and grow Singapore’s fintech ecosystem, MAS said on Wednesday (Oct 30).
The network’s mission is to “harness technology and foster innovation through global partnerships”.
Former MAS managing director Ravi Menon will be the chairman of the GFTN board of directors.
When asked why he was appointed to GFTN’s board and how it relates to his role as Singapore’s Ambassador for Climate Action, Mr Menon said the latter is still his main job.
“But as a retiree, I have a little bit of bandwidth, so I can also do this,” he said at a briefing on Wednesday.
He said the connections he made during his time in MAS led to his appointments in both roles and that he remains interested in technology.
“Both are actually issues that are very close to my heart – sustainability and innovation, the planet and people,” he said.
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.
Elevandi’s people and assets will move to GFTN, where the work will be scaled up, said Mr Menon.
Besides organising forums, GFTN will offer advisory services, partnerships with digital platforms and investments into technology start-ups with the potential for positive social or environmental impact.
“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 Mr Menon.
He said Elevandi’s forum business was doing well, and had more invitations than it could handle. At the