The Monetary Authority of Singapore (MAS) has launched the Global Finance and Technology Network (GFTN) as part of the second phase of its fintech growth strategy to position Singapore as a global leader in financial innovation.
On October 30, the GFTN announced that it will take over from Elevandi, a nonprofit founded by MAS to connect individuals, businesses, and ideas across the fintech landscape, both locally and globally.
The GFTN’s focus will be on payments, asset tokenization, AI, and quantum computing—building upon initiatives established in the first phase of MAS’s fintech journey. This initial phase saw advancements such as a regulatory sandbox framework, cross-border payment linkages, digital asset pilots, and artificial intelligence integration, all aimed at establishing Singapore as a Smart Financial Centre.
The new initiative will be led by two MAS veterans: Ravi Menon, Singapore’s ambassador for climate action and former managing director of MAS, and Sopnendu Mohanty, MAS’s chief fintech officer. MAS Managing Director Chia Der Jiun highlighted Menon and Mohanty’s significant contributions to Singapore’s fintech ecosystem, reinforcing MAS’s commitment to innovation in finance.
In a related development, MAS granted in-principle approval on October 29 for crypto exchange Gemini to operate as a Major Payment Institution in Singapore. The approval enables Gemini to provide digital payment tokens and cross-border money transfer services once final authorization is secured.
Gemini’s Asia-Pacific head, Saad Ahmed, emphasized Singapore’s importance to Gemini’s global strategy, with plans underway to expand its local workforce and relocate to a larger office space to support its growth in the region.
Notably, the MAS has also issued additional guidelines for digital asset companies in Singapore to protect customer interests for digital payment token (DPT) services. Published on April 2, 2024, these expanded regulations now cover virtual token custody and broaden oversight across more fintech companies, reinforcing Singapore’s position as a regulatory leader and institutional hub for the crypto industry.
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