Global Finance & Technology Network established to further strengthen Singapore as global FinTech hub

28 November 2024

On 30 October 2024, the Monetary Authority of Singapore (“MAS”) announced the establishment of the Global Finance & Technology Network (“GFTN”) to further strengthen Singapore as a global FinTech hub and enhance global connectivity for impactful innovation in financial services. GFTN has replaced Elevandi, a not-for-profit entity set up by MAS to connect people and businesses, ideas, and insights in the FinTech sector in Singapore and globally.

MAS explains that the first phase of FinTech growth in Singapore was driven by experimentation and the promotion of key initiatives to harness technology and innovation in the financial sector. These included developing a regulatory sandbox framework, establishing cross-border payments linkages, piloting digital assets and tokenisation, and promoting AI adoption as part of MAS’ goal to develop Singapore as a Smart Financial Centre. A key highlight has been the growth of the Singapore FinTech Festival (“SFF”), which has become the largest platform for the global FinTech community to collaborate on catalysing technology and innovation in finance.

To further build on industry collaboration and enhance connectivity for impactful innovation in financial services, GFTN aims to catalyse the growth of the Singapore FinTech ecosystem and drive greater synergies and networks with the global FinTech community. GFTN will work with MAS to advance industry and policy dialogues in payments, asset tokenisation, and AI/quantum. GFTN will also support MAS’ efforts to develop and grow a vibrant FinTech ecosystem, and scale SFF as the premier global FinTech event.

Reference materials

The press release is available on the MAS website www.mas.gov.sg.